Obama BP Meeting: Company Agrees To $20 Billion Escrow Account For Victims

Ok, it's going to work like this:



BP will establish an independent claims facility and an escrow account of $20 billion (ultimately). BP will put into this escrow account $3.5 billion immediately, another $1.5 billion at the last quarter of this fiscal year, and then $1.25 billion every quarter for the following 3 years.



BP will set up a facility where claims can be reviewed and decisions made about how to proceed. The escrow account which will be independently administered by Ken Feinberg. Small businesses, states and local governments can file claims which will be reviewed by Feinberg and a 3-person review panel. If anyone filing a claim isn't happy with the decision by the review panel, they retain all their legal rights to sue in federal court. BP can only seek an appeal of the review panel's decision if a claim is in excess of $500k or if Feinberg certifies an appeal is allowable.



It's unknown when this facility will be up and operating, but until it is, the process that is in operation now will continue.



BP has already paid $1.75 billion on this spill and the oil gushing from the bottom of the Gulf isn't anywhere near contained.



Then there's this -



http://www.youtube.com/watch?v=-MARDF8F4P4&NR=1
Read the Article at HuffingtonPost