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.
Regrettably, this magical endowment packed full of far more wealth than any person could visualize has been bombarded with criticism regarding their unfair and slow services. You will find complaints that say that the Gulf Coast Claims Facility aren’t handling the BP claims quickly enough. Some reason that individuals who chose to catalog their BP claims to the ‘Quick Pay’ option, which calls for you to sign away your rights to litigate are bestowed priority above those who did not. Individuals who select the “Quick Pay” option are eligible to receive $5,000 and companies are eligible to receive $25,000. Those who did not choose the ‘Quick Pay’ selection now recognize that their BP claims are taking longer to process. The Gulf Coast Claims Facility has admitted to the many discrepancies in awards to the BP claims. Feinberg says he is doing everything in his power to resolve the problem, but intensely denies that ‘Quick Pay’ BP claims are being given superior treatment over no-’Quick Pay’.
Though the Gulf Coast Claims Facility is expected to be operating entirely independent of the pressure of BP, you’ll find a great deal of accusations that BP actually has a tremendous amount of influence on Kenneth Feinberg. Another issue is the total lack of transparency because the claims facility makes it difficult for claimants to review their documents. Following a lot of assessment, a Louisiana judge ruled that the Gulf Coast Claims Facility and Kenneth Feinberg “can’t be thought of as ‘neutral’ or entirely ‘independent’ of BP.”
The long term effects of the BP disaster cannot be completey figured out yet and demanding claimants to relinquish their rights to sue to get a “Quick Pay” helps nobody but BP. Given that Mr. Feinberg’s law firm in Washington D.C. receives $850,000 monthly for overseeing the GCCF, it isn’t hard to wonder who he’s actually working for. BP is now required to say that the Gulf Coast Claims Facility as well as Kenneth Feinberg are working with BP’s best interest in mind.
A lot of us are still waiting for a settlement from the Gulf Coast Claims Facility. A lot of us have already been informed that their BP claims require even more documentation or is currently under review. Every so often claimants need to wait over 9 months to be told that their BP claims are denied. The simplest and fastest means to acquire the most money for your claims is to hire an well-informed lawyer. They know the best way to deal with oil companies and would more likely than not win you more than the $5,000 “Quick Pay” that probably will not even cover your losses for one season.