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17 Feb 2011

John Schwartz, New York Times

BP Says Spill Settlement Terms Are Too Generous [USA]

...[S]ince Kenneth R. Feinberg took over the $20 billion fund to compensate victims of the Gulf of Mexico oil spill, he has been attacked by many...who argue that the process is opaque, arbitrary and slow. Many...have also argued that Mr. Feinberg’s...estimates of future damage...are too optimistic, and thus his offer of compensation in a final settlement is too low. Now he is getting complaints from...BP...[which] is arguing that...Mr. Feinberg’s proposed settlements are too generous. The planned payments far exceed the extent of likely future damages..., the company insists in a strongly worded 24-page document...Final payments will begin after the two-week public comment period, which ended Wednesday...This very public disagreement between BP and the administrator of its fund would seem to undercut the other major attack on Mr. Feinberg..., [that he] is actually working in the oil company’s interests...[BP's] statement gives no indication that BP plans to intercede in the process it handed off to Mr. Feinberg...