BP Compensation Fund May Shield Company from Litigation
Those seeking compensation will be faced with a tough choice, The New York Times said. Either they can pass on a settlement and face years of litigation, or they can agree to accept a settlement, which could come before the full extent of the damage from the spill is known.
The fund is being administered by Kenneth R. Feinberg, a prominent Washington lawyer who also oversaw the compensation of victims of the 9/11 terrorist attacks.
Unlike the 9/11 fund, geographic proximity to the disaster itself will be a key criterion when assessing eligibility. So a golf course along the highway to the beach, for example, may find it harder to get compensation than a restaurant located on the shore, even though both were negatively impacted by the oil spill.
Feinberg declines to comment on the documents, but verified their authenticity.