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But twenty billion dollar gulf spill compensation fund getting -- start today as Ken Feinberg starts as role.
As administrator of planes for BP Feinberg reiterating that court battles are not in anybody's interest to point he made right here on this program last month irritants.
Under this program that I'm setting up economic loss I will say to a fisherman.
Or a -- in doled out.
Or -- scenic.
I estimate that you all lost over the next period of years will be X dollars.
Here is that Shaq.
If you don't want this check you don't have to take it.
You can go and litigate.
Try and get more.
Right it's mr.
Feinberg write a fair and balanced debate right now former litigator elite -- dollop says yes that raccoons.
A -- lawyer who represents a number of BP oil victims.
Says proceed with caution they join us now -- first do you -- proceed with caution.
Well I think it's for number reasons first of all BP can't be trusted in this is BP's money that's being utilized -- claims.
Second Ken Feinberg and -- partner Mike -- and while they may mean well in this case.
They're limited with purse strings -- have available to pay claims and they themselves are being paid by BP.
-- -- -- -- -- Ken Feinberg says if we say here's what -- road and you take it you take it and you can't -- -- anymore now what do you make of that view as a lawyer.
You know lawyers is that the better route to take or is it better to -- anything I can do with a lawyer on the corner here.
In this particular case I think it's best that people hold I'll look at the fund.
I mean certainly I think what we have to do is learn the mistakes from the Exxon Valdez oil disaster which was managed basically at a level of mass hysteria.
We have long wait times for people would get their money we have lawyers taking a huge amount of the -- we had the judges saying no and then camping down damages.
After the fact to there was mass confusion.
-- Feinberg commission that seems like there's always going to be some some closure.
I'm for the actual victim but I think we should it lose sight of who really was hurt here and how to get the most justice for that.
The Brett why go to court at all I mean it seems like your money's just gonna get carved up -- taken by lawyers they may not get much of a settlement.
-- take that risk.
Well up export -- that the Exxon Valdez situations not applicable anymore because congress changed the law and created law for victims called oil pollution act 1990.
As result of actual countries like Exxon.
Could not drive these case you out for twenty years to -- -- to -- another foot in BP is responsible.
As they appear to be BP won't be responsible corporate citizen and pay people it doesn't matter whether you're in the tort system.
On -- claims process nation Ronald parallel tracks.
And in fact our -- itself what we're doing we're recommending they filed claims with the bond.
We're we're anxiously optimistic that this fund may work well it -- to work well today.
But it's a program -- -- -- -- be set up an organized by the oil pollution act and that's what BP's all obligated to do and that's what mr.
This has been hired two assistant.
You're suggesting that people should be able to get their money from the government and I'm go through the court system and get even more money.
From from BP more directly.
-- -- getting money from the from the government this is a program set up by the government responded by BP this would be.
But -- you know for a moment and think they're too they're -- opportunities the two bites of the apple here potentially for four victims and you know I can understand why.
One might support that I mean it's certainly.
I'm not -- like to Apple's.
But but at some level I mean but Feinberg I think it's saying here is that if you take our money you don't have to but certainly if you do that to close down the rest of your -- But.
Are great at some point now when you go with the BP five -- Feinberg on the one preceding if they ever make it I'm all for -- if they can -- that would for all questions that remain.
If they can Clinton chooses to go that route that's good that does take them out of the tort system.
But they shouldn't -- their life to the -- system and wait to see to -- worked.
Wait to see what BP's all prison -- -- far.
And wait to see if they -- I don't -- actually here's my breath I think I think that Feinberg is saying we're gonna offer you here's what we assessed that you are -- road take it.
That's right you can't but you can also -- -- parallel and at least preserve the problem is if you wait.
For months or even years to get offers from -- -- remember this is that for your program.
That BP is set up to the funding we don't know if you're going to fund it it hasn't been fully funded today we don't know there's -- -- -- properly administered.
We don't know what mr.
Feinberg and -- hundreds of claims adjusters in this case.
We're going to be willing to pay what evidence are going to -- what state law we're going to plot and what underlined forensic accounting is needed what underlying.
Forensics with respect to epidemiological -- talks -- elevenths for the people that were exposed to to the courts that there's all those issues that remain out there.
And I'm just recommend the as a lawyer whether they harm law firm in the other -- -- last word with the other thing that.
My calculation they shouldn't and I think that she's a really good reason to to look seriously at the Feinberg -- fund that mean this -- can get very very complicated in the perhaps Freddie situation.
Where port law we're playing the slot isn't really the luck the right way to handle this kind -- accomplishment Feinberg starts today will be following it gentlemen thank you for the fair balanced debate Allen missed all former litigator and -- -- representing BP oil victim.
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