There has been many legal claims already filed and paid by BP (NYSE:BP). This month the company plans on beginning to settle their liabilities, there is a cost though to those who take "the deal." Anybody that chooses to take the lump sum payout will have to sign a document stating they will not pursue any further legal litigation against BP.
The company believes the lump sum pay off will help to limit their liability and put a cap on the amount they are required to pay. This sounds all good for BP, but what about the victims that have lost their businesses, livelihoods, and the tarnished areas that people are now afraid to visit and vacation at ?
Lawyers representing the victims say it is hard to try and calculate future lost earnings. It is also difficult to try and estimate what they could receive from a court judgement if they choose to sue BP.
Ken Feinberg, appointed by President Obama, is scheduled to begin the process of offering one time settlement offers within the next few weeks. A BP spokesman said, "The fund will offer lump sum payments in return for an agreement not to pursue claims in court."
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