http://www.guardian.co.uk/environment/2013/jul/02/bp-depleting-compensation-fund-victims
BP could soon run out of cash in the compensation fund set up for victims of the Deepwater Horizon disaster, unless it is successful in a legal challenge that will be heard in court next week.The company has been fighting the compensation formula drawn up to pay businesses and individuals harmed by the 2010 spill, ahead of a court hearing in New Orleans on July 8.
Court-appointed claims administrator Patrick Juneau has processed about a quarter of the 194,800 claims received, and made compensation offers worth about $3.86bn, almost half the $8.2bn that BP had expected for the total cost of the settlement with the plaintiffs' steering committee (PSC).BP has been paying compensation from a $20bn fund set up in 2010 and had already committed $18.3bn to pay claims by the end of March, leaving $1.7bn. At the current rate of spending the money could run out by September, according to a report in the Financial Times.
i knew these greedy guts were full of it, not even a good two years and they are running commercials about how devoted they are to the gulf and they spend more money than anyone there, forgot to say most of it is court ordered.
so much love and now they are trying to get out of it, like Rev. Al says "did you think we would see this, nice try but we got you".
BP has been paying compensation from a $20bn fund set up in 2010 and had already committed $18.3bn to pay claims by the end of March, leaving $1.7bn. At the current rate of spending the money could run out by September, according to a report in the Financial Times.The company is legally committed to paying compensation, even if its fund runs out. The oil firm gave up control over the compensation formula and framework for payments to claimants in a legal settlement. But it has since gone on to dispute – so far unsuccessfully – how that formula is being applied.Last month, BP took out ads in the New York Times, Wall Street Journal and Washington Post promising to pay all "legitimate claims" to businesses and individuals harmed by the spill, but claiming that it was being forced to hand out funds to parties that don't deserve the money. The company said that without relief it could be "irreparably harmed" by payouts."Trial lawyers and some politicians are attempting to capitalise on this misinterpretation by encouraging the submission of thousands of claims for inflated losses, or losses that do not even exist," BP said in its advertisement.
i agree there could be fraud but fraud by them as to the safety begat any fraud for claims, but i would think it would be easy enough to confirm legitamacy of claims. but like right wing they cry foul on their foul and want to seek relief from the law that includes the laws they broke, and they are still drilling according to their commercials. they supposedly made improvements ids that why they are trying to reneg on payback to pay forthe fix if it is indeed a fix.
