BP has agreed to pay for damages to those affected (mainly fisheries) in terms of wage loss, property damage, related injuries, and economic business costs. However, the US may have a limit to how much BP has to pay. Exxon had an upper limit of $75 million but the oil spill is looking to have costs beyond that number so I’m guessing it is all still under great debate.
BP has agreed to pay $20 billion over the next three an a half years. The $20 billion claims fund will be in place to cover legitimate claims including natural resources damages and state and local response costs. Fines and penalties will be excluded from the fund and paid separately. Payments from the fund will be made as they are adjudicated whether by the Independent Claims Facility(IFC) or by a court. Any money left over after the claims are filled will be returned to BP.
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