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I.I.I.: $20B BP Fund Administrator Feinberg Has The Experience

An Insurance Information Institute representative said the likely administrator of a $20 billion fund for oil spill disaster claims has the experience but will be challenged to develop a fair, timely process given the resources available.

By Caroline McDonald | Updated on June 15, 2010

NU Online News Service, June 16, 3:25 p.m. EDT

An Insurance Information Institute representative said the likely administrator of a $20 billion fund for oil spill disaster claims has the experience but will be challenged to develop a fair, timely process given the resources available.

With Gulf of Mexico oil spill estimates now up to 2.5 million gallons a day, British Petroleum, at the urging of President Obama, has agreed to put $20 billion into a fund for Gulf oil disaster claims, according to media reports.

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