Kenneth Feinberg and his law firm have been paid more than $2.5 million in 3½ months to administer the $20 billion fund set up by BP Plc to compensate victims of its oil spill in the Gulf of Mexico.
The oil company agreed to pay Feinberg Rozen LLP in Washington a flat fee of $850,000 a month from mid-June, when Feinberg agreed to run the claims facility, through Oct. 1, according to a report yesterday on the compensation by former US Attorney General Michael Mukasey.
Feinberg, 64, who ran the compensation fund for victims of the 9/11 attacks, was chosen by BP and President Barack Obama to handle payments for those affected by the largest US oil spill.
Mukasey said it was reasonable for demanding work done under close scrutiny by Gulf Coast residents, public officials and BP.
The money goes to seven professionals at Feinberg’s firm and is paid by BP separately from the fund to help victims, the person said.
Among those being paid is Feinberg’s brother David, the report said. David Feinberg is listed on the firm’s Web site as director of special projects.
Well, that is–what is the word they use?