Pay Czar Feinberg: BP Already Has Claims Process in Place-CNBC

21st Jun 2010 14:19

DOW JONES NEWSWIRES BP PLC (BP) escrow fund pay czar Ken Feinberg told CNBC Monday it's necessary to give BP some credit because they've already paid out about $100 million and have a claims process in place. Feinberg said it's much easier to build on structures in place than starting anew. His goal in the next few weeks, he said, was to "get the program clearly articulated" so that everyone understands their choices and to build efficiency and transparency into the existing claims process. The administrator of BP's oil-spill escrow fund said he felt BP set up the $20 billion fund voluntarily because it saw the wisdom of such an arrangement and it was a move toward limiting its liabilities. He encouraged all those affected by the spill to file for "emergency payments" without "waivier of their rights" to sue in the future. Full story at www.cnbc.com -Dow Jones Newswires; 212-416-2900 (END) Dow Jones Newswires June 21, 2010 09:19 ET (13:19 GMT)