Search
 

Q&A With Ken Feinberg

Claims Magazine spoke with the man President Obama appointed as "pay czar" of the $20 billion BP oil spill compensation fund, Ken Feinberg. In this exclusive Q&A, he talks about the claim process and what must happen for people to get the money they need.

By Mary Anne Medina | Updated on August 04, 2010
When Deepwater Horizon exploded on April 20, 2010, millions of gallons of oil seeped into the Gulf of Mexico, creating the largest manmade catastrophe since the September 11, 2001 terrorist attacks. The spill also set in motion events the claim industry had not previously navigated. President Obama stepped in, advising BP to hire a third-party administrator (TPA). President Obama then appointed Ken Feinberg as head of the $20 billion BP oil spill compensation fund.

The Paymaster Revealed

So just who is Ken Feinberg? Best known for heading the $7 billion September 11th Victim Compensation Fund of 2001, Feinberg has handled various emotionally charged crises, including the Virginia Tech shootings. More recently, he was tasked with determining salaries for the top 25 executives of seven different firms that received large amounts of TARP funds during the current financial upheaval. Feinberg’s other credentials include working with Senator Edward M. Kennedy on the Senate Judiciary Committee, clerking in the New York State Court of Appeals, and eventually working at the U.S. Attorney’s office.

Feinberg’s experience mediating serious conflicts spans 25 years. His first case was a class-action law suit against Agent Orange. The suit involved more than 250,000 Vietnam veterans and had lingered in the courts for years. In fact, more than eight years passed without resolution. Nevertheless, Feinberg was successful in getting the case settled for $180 million in about six weeks.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.