Nov 30, 2010 /EIN Presswire/ — The $20 billion fund set up to pay for Gulf spill damages received an overwhelming amount of emergency claims right before the key Tuesday deadline ended.
Approximately 450,000 emergency claims were filed before the deadline and out of those 30,000 were filed on Monday or later, four times more than what was expected.
Most of the claims will be denied, according to fund administrator Kenneth Feinberg, because they lack proper evidence. An estimated 325,000 claims are believed to have inadequate documentation, and an additional 1,000 claims are suspected of being fraudulent.
The people and businesses with approved claims will be able to ask for a lump sum payment as compensation as long as they agree to not sue BP or any of the other companies involved in the April spill.
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