BP settlements: A gamble for Gulf Coast victims
Roger Parloff
Legal Analyst, FORTUNE
[cnn-photo-caption image=http://www.cnn.com/video/us/2010/06/22/pkg.mattingly.oil.money.cnn.640×360.jpg caption="Both the victim and BP will, therefore, be making a gamble about the future since neither can yet foresee how bad future damages might become." width=300 height=169]
"We're interested in total peace," says Ken Feinberg, the administrator of the $20 billion Gulf Coast Escrow Fund that is being set up to provide a fast, fair claims processing facility for most oil spill victims. "We're not interested in any halfway measures," Feinberg adds.
What he means is that the fund he'll be administering won't be dispensing any relief for losses already incurred unless the victim also consents to accept an estimate of his future damages, too, and then releases BP from future claims. "My goal is to settle then and there," Feinberg says. "Why bother coming back? Let's resolve it right now."
Both the victim and BP will, therefore, be making a gamble about the future since neither can yet foresee how bad future damages might become. As of the moment, of course, the gushing Macondo deep-sea oil well hasn't even been plugged yet.
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Filed under: Gulf Oil Spill |
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I agree with Rose. BP will NEVER tell the whole horrible story. But I feel the future for our people in the south and the Gulf will speak clearly and in volumes. Just watch and wait. Our government is also to blame for throwing all of us down here under the bus. Katrina was awful but this folks is unbelievable...there might be NO FUTURE for our Gulf or us!
BP is always trying to take the easy way out with money! But remember we the public don't know the whole story of the damaged Gulf oil yet, so don't throw your rights to SUE BP...just yet. I believe BP knows the whole damage of the Gulf oil.
BP want everyone to settle now before future damage's is found out! SO, DON'T SIGN ANYTHING!!!