BP fund pays out $5 billion to Gulf spill victims

Reuters News
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Posted: Aug 24, 2011 11:04 AM
BP fund pays out $5 billion to Gulf spill victims

NEW YORK (Reuters) - BP Plc paid out more than $5 billion to 204,434 victims of last year's massive Gulf of Mexico oil spill, fund administrator Kenneth Feinberg said on Tuesday.

The sum amounts to roughly 25 percent of the $20 billion fund, known as the Gulf Coast Claims Facility, which was set up one year ago in the wake of the April 2010 spill.

So far, there have been 947,892 claims filed from all 50 U.S. states and residents of 36 countries. Nearly all of the successful claimants to date come from four states: Florida, Louisiana, Alabama and Mississippi.

(Reporting by Moira Herbst; Editing by Derek Caney)