HOUSTON (Reuters) – The administrator of BP Plc’s $20 billion compensation fund has paid $43 million to residents of the U.S. Gulf Coast who agree not to sue the company for damages stemming from the nation’s worst offshore oil spill.

The spill closed commercial and recreational fishing waters, hurt tourism and shut down deepwater drilling, causing job and income loss for those industries that are critical to the region’s livelihood.

Fund administrator Kenneth Feinberg announced a “quick pay” option on December 13 for those who are satisfied with the emergency compensation they have received from the Gulf Coast Claims Facility.

In that process, people receive a final lump-sum payment of $5,000 and businesses receive $25,000, and forfeit the right to pursue additional claims against BP……

For full article click here boathistoryreport.com/news8

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