The BP oil rig accident compensation fund will be groundbreaking
June 15, 2010
It appears that President Obama has asked BP to start up an independently administered reimbursement fund for victims of the oil spill. Maritime accident lawyers in Texas and the rest of the Gulf States are wondering how exactly this will work. This would be fairly unique and would take some of the compensation and claims decisions and issues away from the company.
Congressional leaders and various state officials agreed. It appears that Harry Reid (D., Nev.) and other Democrats sent BP a letter asking that they start a $20 billion account. This would be overseen by an independent trustee and would then be used to pay the claims and other costs.