Business Maverick

Business Maverick, Politics

Compensation claims chief takes over BP fund, immediately sparks controversy

Ken Feinberg is no stranger to compensation claims funds. He was in charge of the 9/11 compensation fund, and was roundly praised for his fairness in its administration. For his sins, Feinberg has now been put in charge of the $20 billion BP fund set up for the economic victims of the Gulf of Mexico oil spill. The fund opens shop today, but many are unhappy with the rules set out by the fiercely independant Feinberg. Those who suffered financial loss can approach the fund for compensation, a process Feinberg said would be more generous than suing BP in the courts. He said that the goal was to pay out individual claims 72 hours after finalisation, and a within a week for business claims. The clause that has attorney generals in a knot is one that states that for the next six months, anyone claiming an emergency payment can also sue BP at a future date but beyond that period claimants would forfeit the right file against the company. Read more: Reuters and the AP.

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