Since taking over the claims process in the Gulf, Kenneth R. Feinberg has been accused of making slow and arbitrary decisions that often lead to compensation residents view as too low.
Naturally, BP begs to differ. BP argues that Feinberg’s settlements are too generous and exceed the damages residents are likely to see in the future.
Using the same data the Feinberg used, BP concluded that there was no “no credible support for adopting an artificially high future loss factor based purely on the inherent degree of uncertainty in predicting the future and on the mere possibility that future harm might occur.” BP noted that waters had already been reopened for fishing and that 2010 tourism numbers were similar to the year before.
Based on estimates Feinberg’s commission drew about economic and environmental recovery, the settlement plan calls for the BP compensation fund to pay double the 2010 losses, less anything already paid.
Since Feionberg’s appointment in June, 100,000 people have filed for a final settlement while 90,000 have opted for the quick-pay process ($5,000 for individuals, $25,000 for businesses). Gulf coast residents and environmentalists continue to raise concerns about the future of the Gulf and the effects the spill will likely have well into the future.
With reporting from John Swartz of the New York Times
