The Press-Register in Mobile is reporting that Kenneth Feinberg will take over the BP oil spill claims process on Aug. 23. The newspaper says a spokesperson for Mr. Feinberg, Amy Weiss, made the announcement via email. The paper noted that Mr. Feinberg has said he’s ready to assume the role, but that he couldn’t move until BP actually put money into the account, which it did yesterday.
While the fund is routinely called the “$20 billion BP fund,” it actually received “only” $3 billion as a down payment, with a promise of another $2 billion more sometime after October bringing the total to $5 billion for the year. After that, the oil giant will make installments over the next three years.
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