BP coughs up $5bn for oil spill victims

BP has paid more than $5 billion (£3.04bn) to 204,434 claimants after the Gulf of Mexico oil spill in 2010. Run by the Gulf Coast Claims Facility, which was set […]

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By Tom Gibson

BP has paid more than $5 billion (£3.04bn) to 204,434 claimants after the Gulf of Mexico oil spill in 2010. Run by the Gulf Coast Claims Facility, which was set up between the London-based oil company and the Obama administration, the fund draws on $20 billion set aside by BP.

The fund has had to deal with nearly a million claims and in the past three months the GCCF has received 61,558 claims, averaging 4,397 claims a week. Claims have come from all 50 US states as well as 36 different countries. The summary was released by the fund’s claims administrator, US lawyer, Kenneth Feinberg.

BP and Mr Feinberg’s firm have come under press criticism by many for not compensating valid victims, handing out petty amounts of cash as well as reacting too slowly.

The Gulf Coast Claims Facility acts on behalf of BP in fulfilling BP’s responsibilities to compensate claimants damaged by the Oil Spill under the Oil Pollution Act.

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