BP's $20B Spill Claims Fund Opens For Business

Law360, New York (August 23, 2010, 2:25 PM EDT) -- BP PLC formally opened its $20 billion Gulf Coast Claims Facility for business Monday, handing control over individual and business claims related to the disastrous Deepwater Horizon oil spill to the independent fund managed by veteran mediator Kenneth R. Feinberg.

The GCCF — set up in June as part of a deal between the White House and BP establishing a framework for claims processing in the wake of the Deepwater Horizon spill — will replace BP's Immediate Action Claims Team, which had handled emergency compensation requests...
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