BP round up

by Dege Legg

Quick holiday roundup of BP and Gulf oil spill related news.

Anyone receiving compensation from BP will be refused the right to later sue**

It comes as no surprise that anyone receiving compensation from BP will be refused the right to later sue the company for damages resulting from the April 2010 oil spill in the Gulf of Mexico. The $20 billion fund has already received more than 450,000 applications for emergency payments. According to the agreement, fishermen, shrimpers and property owners who suffered losses from the oil disaster must give up their right to sue BP if they accept a final lump-sum payment from BP's $20 billion compensation fund.

Read more here.

Feinberg expects to pay out only a fraction of the $20 billion BP oil fund
Ken Feinberg, the administrator of the $20 billion BP oil fund, has stated that he expects to pay out only $2.3 billion in emergency claims related to the Gulf of Mexico oil spill. Many of the applications for compensation more than 450,000 claims just in the last three months were submitted with no accompanying documents, such as tax receipts that show proof of earnings or loses.

Read more here.

Parishes get BP money for tourism, seafood
Attempting to the rebound from the effects of the Gulf Oil spill, the $2.4 billion Louisiana seafood industry with its 26,000 related jobs, will be working with the aid of BP funds to restore the flagging Louisiana tourism and seafood industries.

Read more here.