Feinberg: Oil Spill Claims Payments To Begin In August-Fox Business

13th Jul 2010 16:03

DOW JONES NEWSWIRES Kenneth Feinberg, charged with administering BP PLC's (BP) $20 billion oil-spill damage fund, will begin paying out claims in early August, and plans to increase emergency payments to eligible claimants to six months from the current one month, the Fox Business Network reported Tuesday. Feinberg, in an interview with the network to be aired later in the day, also said he will be "very, very lenient" in accepting proof from claimants for those emergency payments. "I can't just give away money," he said. "I've got to have a corroboration. "But I will be very, very lenient in recognizing that corroboration as proof that an emergency payment should be immediately made." Feinberg said he is being assisted by the Department of Justice in the effort. Feinberg said he expects to take over the claims-paying process from BP by the end of the first week of August, and is in the process of setting up a new office called the Gulf Coast Claims Facility. Feinberg said he will change current rules on emergency claims payments to keep claimants from having to make repeated visits. "We will give anybody who's eligible six months' emergency payments so they don't have to come back every month. They'll have more financial certainty. "I'm doing the best I can for people in the Gulf." Feinberg also said he doesn't anticipate difficulty in calculating future losses by claimants to their satisfaction. "I think my experience tells me that if that check is fair, most people will gladly take that check, move on as best they can, release BP from any lawsuit, and end of story." The network plans to air the interview at 4 p.m. EDT. Web site: www.foxbusiness.com -Dow Jones Newswires; 212-416-2900 (END) Dow Jones Newswires July 13, 2010 11:03 ET (15:03 GMT)