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BP wants to end future loss claims

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Posted: Jul 8, 2011 1:00 PM
Source: Associated Press

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Topics: BP, loss claims, Gulf oil spill, British oil company, Gulf Coast Claims Facility, Ken Feinberg, Gulf of Mexico, Louisiana, Deepwater Horizon, WBRZ

NEW ORLEANS - BP is arguing that most victims of last year's Gulf oil spill should not get any more payouts for future losses because the hardest-hit areas are recovering and the economy
is growing.

The British oil company argues its case in a 29-page document made public Friday and filed with the Gulf Coast Claims Facility.

The $20 billion fund is responsible for paying for damages from the spill.

The company says the fund should end payments for future losses to everyone, except in limited cases for oyster harvesters.

The company had already argued that fund administrator Ken Feinberg's formula for determining final payments artificially inflates future expected losses.

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