Posted: Feb 17, 2011 2:37 PM
Source: Associated Press
NEW ORLEANS- The administrator of the $20 billion fund for Gulf oil spill victims, under fire for red tape and delays, has been told by BP that his formula for determining final payments is
actually too generous.
A document purporting to be from a major business was posted on the Gulf Coast Claims Facility's website.
The name of the business and other identifying references were removed, but a spokeswoman
for the fund confirmed the comments were written by BP.
The document says Kenneth Feinberg's methodology artificially inflates future expected losses for victims of the spill.
It claims there is no factual basis to assume Gulf-wide claimants will experience losses this year equaling 70 percent of their 2010 losses and losses in 2012 equaling 30 percent of 2010