The $20 billion fund set up to help compensate victims of giant BP’s Gulf of Mexico disaster does not prevent future lawsuits against the company that exceed that amount, according to the fund’s administrator.
Kenneth Feinberg, who also oversaw the U.S. bank bailout fund, said that the BP fund did not represent a cap on legal actions against the firm.
“The notion that the fund is there simply to insulate BP from lawsuits I think is very unfair,” Feinberg said. “There will be an opportunity at some point for an eligible claimant to decide to take subsequent funds in return for releasing BP from suit.”
Topics Claims
Was this article valuable?
Here are more articles you may enjoy.
GEICO Sues Medical Firms in Florida, NY Over Alleged No-Fault Auto Fraud 
Catastrophe Bonds’ Huge Market Gains Put Reinsurers on Backfoot 
Rotting Apple: Berkley Explains Property Market, Company Appetite 
Hurricane Melissa Churns Toward Jamaica as Category 5 Storm From This Issue
