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$43 million distributed in Gulf spill ‘quick pay’ settlements - Trade Only Today

$43 million distributed in Gulf spill ‘quick pay’ settlements

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The administrator of BP's $20 billion compensation fund has paid $43 million to residents of the U.S. Gulf Coast who agree not to sue the company for damages stemming from the nation's worst offshore oil spill.

Fund administrator Kenneth Feinberg announced a "quick pay" option on Dec. 13 for those who are satisfied with the emergency compensation they have received from the Gulf Coast Claims Facility, Reuters reported.

In that process, people receive a final lump-sum payment of $5,000 and businesses receive $25,000 and forfeit the right to pursue additional claims against BP.

The "quick pay" option has come under scrutiny from some. In a Dec. 16 statement, the attorneys general of Mississippi and other Gulf Coast states urged people to carefully evaluate any final claim offers from the GCCF, citing the uncertain nature of future damages.

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