Tapping The Oil Spill Liability Trust Fund

Law360, New York (June 18, 2010, 10:32 AM EDT) -- On June 14, Congress sent to the president S. 3473, a bill providing appropriations authority for full implementation of the provisions of the Oil Pollution Act of 1990, which provide up to $1 billion from the Oil Spill Liability Trust Fund to pay removal costs and damage claims not fully compensated by the responsible party.

As noted below, this short and seemingly innocuous law has the potential to radically change the dynamics of the spill compensation process — expediting payments to damaged parties and greatly increasing...
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