Sunday, April 27, 2014

NY Times article on the BP oil spill settlement and compensation fund

A few days ago I posted a couple of comments on the fact that GM has hired Kenneth Feinberg to consider the possibility of creating a compensation fund for victims of injuries caused by GM cars.  In those comments I pointed out that Feinberg had been hired by BP to handle a compensation fund for the victims of the BP oil spill.  Coincidentally, today the New York Times has published a long article on the state of the different approaches to compensation for the victims of that oil spill.  It criticizes the compensation fund handled by Feinberg for being too restrictive, but also questions an alternative approach which has resulted in compensation for people who probably did not deserve it.  What is interesting is that having agreed to the alternative, BP now criticizes it.  You can read the article here.

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