The Gulf Coast Claims Facility (GCCF) celebrated its first anniversary Tuesday by announcing it has handled nearly 1 million claims and paid out $5.06 billion in the process.
The agency, headed by Ken Feinberg, was set up last year to distribute $20 billion of BP money to individuals and businesses affected by the BP Deepwater Horizon oil spill.
“The GCCF has largely succeeded in its primary objective – to compensate those individuals and businesses who can demonstrate financial harm due to the Oil Spill,” the report states. “The compensation program has not been perfect; but several midcourse corrections have been made in an effort to deal with the constructive criticism offered by victims of the spill, public officials, and others.”
So far, the agency has paid 359,441 claims to 204,434 claimants.
The GCCF has dealt with 97 percent of claims and is now dealing mostly with requests received in the past 90 days, the report says.
See summary annual report HERE.
