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Former BP Victim Compensation Fund Administrator Kenneth Feinberg on BP’s settlement with people and businesses harmed by the 2010 oil spill.
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Nearly two years after the worst oil spill in American history a seven point eight billion dollar settlement with recently reached.
Between BP and the folks down on the Gulf Coast.
But since the settlement is -- it could be an open door to a slew of new lawsuits by attorneys.
Trying to cash in on a piece of the pie and many many more delays so.
Who's really winning here joining me now.
Attorney and the former administrator of the EBP compensation -- -- -- welcome back to show great to have you here.
I'm wondering what you make of this whole process this new process to dole out more money is -- the right way to go about things do you think there are.
There's more waste.
Coming I mean you were -- for the role you played there's a lot of concern out there that too much money is going to a turning.
Well that remains to be seen I mean I think this settlement is a good thing frankly you talk about inefficiencies and delay.
Had -- not been a settlement.
-- likely would be years.
Of protracted uncertain litigation.
This settlement is designed to bring that litigation involving individuals and businesses in the gulf to a close ultimately the judge.
The US district judge very able judge.
Will have to review the settlement and reviewed the fees.
And make some decisions but I think overall it's promising myself.
Well Ed the two lawyers who spearheaded the -- -- as the greatest amount of good for the greatest number of people.
But Joseph -- -- writing in the New York Times in an op Ed piece recently wrote this he said.
They might as well erected billboards along the Gulf Coast proclaiming free money for all.
Which one of those -- -- right well.
It be if it's opened yet I think that -- missed in the Sarah.
Who's pretty all pretty why -- -- and was looking at what appeared to be a press release from the group from some of the lawyers in the gulf -- What's very important here is this is a class action settlement.
It is a -- holds settlement.
It needs to seek the approval of the US district court sitting in New Orleans.
And the judge will be mindful of the concerns you.
And Jonas -- and others have expressed and I think that's the stop -- the safety valve Kia.
From one -- run away fees.
It does open up new categories of claimants and that's one of the things raising questions here frankly that.
We have new categories after all this time is past what do you make of that.
Well I want to wait and see what the protocol looks like that the drafting you know the judge gave BP.
And the lawyers until.
April 16.
To come in with the opera -- settlement.
That would designate eligibility criteria.
Let's all hold back here and wait and see I -- the idea.
-- all of a settlement instead of litigation that I do think is a -- -- a good term.
Instead of kind of churned ice and -- guys going on -- nine multiple generations I would see US talk a little bit about the money the dollars and cents here according to one estimate.
The settlement the -- point eight billion dollar settlement could mean 468 million dollars in legal fees look at the end of the day.
The goal here is to get money to the people.
In no in -- area who were damaged by this and he.
And you've got to understand the criticism here in May be the right people aren't getting the -- Is that possible.
It's possible of course it's possible first of all don't forget -- as you stated at the outset the Gulf Coast claims facility which I administered.
We've distributed six point -- billion dollars.
To over 500000.
Claimants we -- -- over a million claims.
From fifty states.
And 35 foreign countries we did I think.
What deal bomber administration and BP wanted us to do now.
Instead of litigating the remaining cases.
He is a -- -- settlement it's only a proposal.
That courts will pass on hold your powder dry keep -- dry until we see with that settlement looks like.
You know.
If you look at the TV air ads on the TV the BP -- -- on the says everything's fine.
And you are islands in the region and the threat from the oil spill bind over everybody it feels like everybody's been made -- but that's not really true is it.
You know you you're -- human nature being what it is you guys know you're always gonna have.
Perplexed.
Citizens.
Complaining.
A -- light Powell -- -- life is the fact of the matter is I think BP.
Has done an admirable job if you want -- all -- -- putting up twenty billion dollars.
Cleaning up the you'll you'll paying the claims sure don't know for issue walk what.
The ecological system will look like going forward you don't know for sure walk who's eligible all what -- should be -- quiet about a claim.
But I think overall.
When you consider we -- everybody was two years ago.
I think great strides have been made.
I think -- bomber administration and BP and the lawyers.
Frankly deserve a lot of credit competed to we're we might have -- but Falwell the Gulf Coast claims facility in this settlement.
And that's where that's where my complaint is not with BP frankly.
My complaint is with the attorneys who see a golden opportunity here to score some doubt -- make some fees.
While there are still people in that region who are still.
Still waiting to get the settlement.
Well you know you say that and my only answer to that criticism which missed in the Sierra and others race.
I'm not saying it's not a legitimate criticism.
I'm saying that the -- US district judge -- Bobby a very capable.
Our who's going to be reviewing all of this the fees the protocol.
Who's getting paid watch.
And he will ultimately have some authority in deciding.
The ultimate plan.
Well Ken Feinberg thanks for coming on tonight we really appreciate your time you must come back when we have more details.
Thank mr.
thank you.
