The Cost of a Quick BP Settlement

Victims of the BP oil spill are aching to collect damages from the firm. Indeed, the administrator of the liability fund, Kenneth Feinberg, has promised to distribute the money as quickly as he is able. But there's a problem: once these parties accept a settlement, they may have to waive their right to any additional compensation from BP. Since the full extent of the spill's effect is not yet known that means some of the harm it causes may be fully remedied. The New York Times reports:

The eligibility requirements for compensation from the fund are similar to those of the 9/11 victims compensation fund, which Mr. Feinberg also handled. People affected by the spill seeking final settlements face a choice similar to that faced by the 9/11 victims: If they decide to sue instead of accepting a settlement, they could face years of litigation; and if they decide to accept the settlement, it could come before the full damage from the spill is known.

The article goes on to explain who might be able to get money from the fund.

Read the full story at the New York Times.