How much money does BP have to help people pay for their losses?
BP is one of the world’s largest oil companies with profits of more than $17 billion last year. It has spent more than $3 billion responding to the oil spill and paying claims since the April 20 explosion of the Deepwater Horizon drilling rig. BP says it has paid 47,000 claims totaling more than $147 million as of the early July. That is a lot of money, but many claims remain unpaid.
It’s unclear how much the oil spill cleanup will ultimately cost BP. But the costs, including cleanup and litigation, will likely be spread out over a period of years. BP has pledged to contribute $20 billion to an independently managed fund to cover damages related to the spill. The oil company will contribute $5 billion a year for four years into the account.
The unprecedented harm of the BP spill will continue to affect property, business and the environment for years to come. The Oil Spill Task Force, sponsored by Arnold & Itkin LLP, coordinates the financial, legal and investigative resources needed to represent the claims of businesses and individuals whose livelihoods and property are threatened by the BP oil spill.
If you would like a review of your claim, call the attorneys of Arnold & Itkin LLP at 888-498-8212 or use our online form. We focus on representing your financial interests in claims against BP.
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