Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Distance not a factor in BP claims

By Ben Rooney, staff reporter


NEW YORK (CNNMoney.com) -- The official in charge of managing claims related to the BP oil spill said Monday that distance from the disaster site will not prevent legitimate claims from being processed.

Kenneth Feinberg, who has authority over the $20 billion fund that BP has pledged to compensate individuals and businesses hurt by the spill, said the decision came after elected officials in Florida, including Gov. Charlie Christ, expressed concerns about a "geographic proximity" test.

"After listening to these concerns, I have concluded that a geographic test to determine eligibility regarding economic harm due to the oil spill is unwarranted," Feinberg said in a statement.

He added that each claim is reviewed on a "case-by-case basis" and that those filing claims must still prove that the damages they suffered occurred as a result of the spill. However, he said, "physical proximity from the spill will not, in and of itself, bar the processing of legitimate claims."

The Gulf Coast Claims Facility, as the fund is known, has paid out nearly $1 billion to 50,000 victims throughout the Gulf of Mexico, according to Feinberg. To top of page

Index Last Change % Change
Dow 18,519.74 -27.56 -0.15%
Nasdaq 5,253.14 -6.94 -0.13%
S&P 500 2,183.20 -3.70 -0.17%
Treasuries 1.55 -0.00 -0.32%
Data as of 12:35pm ET
Company Price Change % Change
Bank of America Corp... 15.42 0.08 0.49%
Chesapeake Energy Co... 6.41 -0.05 -0.77%
Freeport-McMoRan Inc... 11.32 -0.66 -5.51%
KeyCorp 12.16 0.02 0.16%
Micron Technology In... 15.80 -0.38 -2.37%
Data as of 12:20pm ET
Sponsors

Sections

Qatar's sovereign wealth fund just purchased a $622 million stake in the company that owns the Empire State Building. It's the latest foreign investment in the iconic Manhattan skyscraper. More

The U.K. is preparing to split from the European Union, which means about $1.3 trillion in trading relationships will have to be reset. More

A group of big banks led by UBS is planning their own version of digital cash, using blockchain, the technology underpinning Bitcoin. More

An impending October rule change by the Securities and Exchange Commission ? a reform that stems from the 2008 financial crisis ? is spurring a mass exodus from some of these funds. More