ken feinbergThe New Orleans Times-Picayune reports that the majority of the 123,970 claimants receiving payments from the Ken Feinberg-run Gulf Coast Claims Facility have opted for a one-time payment -- $5000 for individuals, $25,000 for businesses. The hitch, though, is that the recipients of these payouts waive their right to sue BP later should more spill-related health issues or financial losses arise.
When Feinberg announced the option in December, he said that it was designed to expedite pending claims against the $20 billion BP escrow fund--and to spare claimants the paperwork and bureaucratic delays involved in processing larger claims. The claims facility is supposed to move through the one-time payouts within 14 days. The attorneys general of Louisiana, Alabama, Mississippi and Florida all denounced the plan, however, and urged residents not to settle their BP claims without first consulting an attorney.Read More »from Majority of oil spill relief fund claimants settle for one-time ‘quick payment’