Tag Archives: gulf coast

The Gulf Coast Claims Facility would be directed by Kenneth Feinberg, the man who spearheaded the 9/11 Victim’s Compensation Fund.
In August 23rd 2010, BP announced they, as ordered by President Obama, accepted all accountability for the calamity and put together a twenty billion dollar fund to compensate the people whose lives were destroyed by the oil spill that continues to disturb the Gulf Coast even now. In accordance with this contract, BP will pay $5 billion dollars each year starting from 2010 until the full $20 billion is used. Earlier repayments of roughly $200 million wouldn’t be a part of this $20 billion dollar supply. As outlined by the bargain, BP no longer took care of the claims, instead it was announced that the Gulf Coast Claims Facility would be taking over the responsibility. Continue reading →