Feinberg Says BP Gulf Oil Spill Victims May Be Able to Sue Some Companies

[dipsydoodle]

Source: Bloomberg

Kenneth Feinberg, who today will start drawing from a $20 billion escrow fund for Gulf oil spill victims, hasn’t decided whether they must waive their right to sue companies involved if they accept final reimbursement.

“The question of whether or not a final payment will require a claimant to release one defendant, BP Plc, or all defendants, has not yet been resolved by me,” Feinberg said yesterday in a telephone press conference with reporters.

Over the next 90 days the Gulf Coast Claims Facility will first pay out emergency compensation providing as much as six months of reimbursement for losses resulting from the disaster that left 11 people dead and led to the world’s largest accidental oil spill. Those who accept these interim payments retain their right to sue BP and other companies in court, Feinberg said.

The legal rights of victims who receive final compensation have been a subject of negotiations involving Feinberg, officials from BP and other parties. Potential defendants include Transocean Ltd., which operated the Deepwater Horizon drilling rig, and Anadarko Petroleum Corp., which owns a 25 percent stake in the well.

Read more: http://www.bloomberg.com/news/2010-08-22/bp-spill-fund-manager-feinberg-says-victims-may-retain-ability-to-sue.html