Gulf of Mexico Oil Spill Blog Gulf Coast Claims Facility Pays out 1B from 20B Fund

Gulf of Mexico Oil Spill 100 Dollar Bill

The Gulf Coast Claims Facility Pays out 1 Billion from 20 Billion Fund

Oct 5 (Reuters) – The Gulf Coast Claims Facility, created
to compensate people and businesses for damages related to BP
Plc’s (BP.L) (BP.N) Gulf of Mexico oil spill, has paid $964
million in claims since the organization took over the process
from the oil company on Aug. 23.
 

BP paid $400 million in claims before GCCF head Kenneth
Feinberg began administering the $20 billion fund set up at the
insistence of U.S. President Barack Obama.
 

The April 20 well rupture killed 11 people and caused the
world’s worst marine crude oil spill. BP said it permanently
sealed the well on Sunday. Below is a breakdown of payments
made through Oct. 4:
 

Number of claims filed:
 Individual               74,446
 Businesses               29,770
 Total                      104,216
 

Number of claims paid or approved for payment: 49,500
 Individual               $348.52 million
 Business                 $615.22 million
 Total                       $963.73 million
 

Type of claims paid:
 Emergency advance  payment:      $963.73 million
 Final Claims *:          $0
 

Number of claims denied:        118
 

Number of claims requiring  more information:       39,147
 

Payments made to real estate brokers and agents as part of a separate fund: $34.5 million
 

* No final claims have been paid because the GCCF has reviews under way to determine whether claimants intended to file a final claim. After a final claim is paid, claimants give up their right to sue BP for more damages under the GCCF process.
 

Gulf of Mexico Oil Spill Kenneth Feinberg

Kenneth Feinberg

Source: GCCF documents

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