BY TIM GRENDA, J.D.
It may take several generations for the true extent of environmental damage caused by the Gulf oil spill to be realized, but the financial impact of the worst environmental disaster in United States history is already coming into focus.
BP, the company responsible for the oil rig that exploded in April 2010 and caused the massive crude oil spill, has established a claims fund to reimburse parties who were forced out of work or otherwise injured as a result of the crisis.
The damages fund initially is being funded by BP with $20 billion, but most estimates say the eventual damages total may reach higher when all things are said and done. An experienced oil spill injury law firm can help you and your family get the financial compensation to which you are entitled.
The oil company already has paid out more than $100 million in damages, but some independent estimates say it’s more like $600 million. Fishermen, resort owners, and others who depend on the Gulf of Mexico economy have been devastated by the spill, which has forced them out of the water and turned tourists away from spoiled beaches from Texas to Florida at the peak of the summer season.
Kenneth Feinberg, the man who oversaw damages claims from the September 11, 2001 terrorist attacks, is doing the same job for the Gulf oil spill claims on orders from President Barack Obama.
Feinberg told the Associated Press that one concern he must address is the threat of false claims being filed from parties who were not sufficiently injured as a result of BP’s spill. While Feinberg said it’s not a major concern of his, saying only a handful of false claims happened in the 9-11 litigation, some claimants may seek to expand liability for the spill to include injuries that should not be covered.
For example, he cited a hypothetical case of a Boston-area restaurant owner who claims injuries by not being able to serve his customers shrimp or other seafood harvested from the Gulf. Those types of damages claims might best be resolved using current state laws rather than from the BP damages fund, Feinberg told the AP.
With an environmental disaster of such epic proportions, it makes sense that the damages system from the incident will reach a similarly large scale. Injured parties hopefully will be able to obtain the financial compensation they deserve to mitigate their lost income and other damages caused by the spill.
What do you think? Will BP fairly compensate the victims of the Gulf oil spill? Or will fishermen and others in the region be left to pick up the pieces of their lives without fair compensation from those responsible? Leave a comment to this blog with your thoughts.
Also, you can read more about the Gulf oil spill in LawInfo’s Gulf Oil Spill Lawsuits legal resource center.
