$20B Deepwater Fund Touts Progress After First Year

Law360, New York (August 23, 2011, 8:47 PM EDT) -- The $20 billion fund for victims of the Deepwater Horizon oil spill paid out $5 billion to some 204,000 claimants in its first year of operation — figures that show it has performed as intended, the fund said in a report Tuesday.

Since its doors opened last August, the Gulf Coast Claims Facility has processed 97 percent of the nearly 948,000 claims it has received from individuals and businesses who suffered losses after the Macondo Well blowout, according to the report.

The Obama administration tapped attorney...
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