Final BP Spill Payouts To Double 2010 Losses

Law360, New York (February 2, 2011, 4:06 PM EST) -- Final payments for claims related to the BP PLC oil spill will be double the documented 2010 losses for most claimants and four times the 2010 losses for oyster harvesters, the administrator of the $20 billion claims fund said Wednesday.

Kenneth Feinberg, head of the Gulf Coast Claims Facility, said in a proposal that the payment methodology was based on a new prediction that the Gulf of Mexico would see full economic recovery from the disaster within three years of the April 20 spill.

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