21
Jun
10

Gulf Paymaster Pledges to Speed Up Compensation Claims, Says Residents ‘Desperate’

NEWS
Gulf Paymaster Pledges to Speed Up Compensation Claims, Says Residents ‘Desperate’

Monday, June 21, 2010

••• The administrator of a $20 billion compensation fund set up by British oil giant BP said on Monday he will speed up payment of compensation to those affected by the devastating oil spill in the Gulf of Mexico.

Kenneth Feinberg, who was tapped by President Barack Obama to run the third party fund, said on U.S. television that Obama has conveyed to him a message that “we want to get these claims out quicker. We want to get these claims out with more transparency.”

He said when it comes to emergency payments, “you’ve got to allow those payments to go out with less corroboration than you would if you’re giving a lump-sum payment that is the total compensation.”

“For the emergency payments, we’ve got to err on the side of the claimant,” he said.
The White House and BP has worked out an agreement last week that BP would fund the $20 billion fund, managed independently by White House tapped Feinberg. Feinberg on Monday appeared on several TV networks’ news programs, explaining how he intends to run the compensation fund.

Feinberg said people can file electronically for relief, and can do so without the help of a lawyer. “When a person comes in and asks for emergency assistance, they shouldn’t have to keep coming back,” said he.

The oil spill, which is now two months old, has hurt fishing, tourism, oil and other businesses. The fund is set up to compensate lost wages, business interruption, lost profits, personal injuries and even deaths.

BP said on Monday it has spent $2 billion so far on cleaning up the spill.
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