BP Says They Shouldn’t Have To Pay Any More Claims For Future Losses
I guess this isn’t so strange . After all, it’s not as if anyone will ever make the oil companies do anything they don’t want to do, anyway: NEW ORLEANS — BP is arguing that victims of last year’s Gulf oil spill should not be paid any more claims for future losses because the areas affected by the spill have recovered and the economy is improving. The British oil company makes its case in a 29-page document filed with the Gulf Coast Claims Facility, which administers the $20 billion fund for victims. It criticizes several aspects of the fund’s policies and claims that at some times it has paid victims more than is allowed under the federal Oil Pollution Act. “Multiple lines of evidence demonstrate that, to the extent that portions of the Gulf economy were impacted by the spill, recovery had occurred by the end of 2010, and that positive economic performance continues into 2011, with 2011 economic metrics exceeding pre-spill performance,” the BP document said. To back up its argument, the document notes that all commercial fisheries have re-opened, hotel industry statistics indicate strong occupancy rates and news reports on tourism venues reporting strong business. The company is not arguing against paying out claims for documented losses. And those who feel more damages for future losses are warranted, or who are otherwise unsatisfied, can reject the final compensation offer and pursue litigation. “Any claimant who is of the view that, notwithstanding the economic data, there is too much risk of future loss to enter a final settlement has the right to file an interim claim and seek the payment of past loss without signing a release of liability,” the BP document said. The fund’s administrator, Kenneth Feinberg, said BP’s arguments would be considered, but he declined further comment.
BP Says They Shouldn’t Have To Pay Any More Claims For Future Losses
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on July 9, 2011. Filed under