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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/bp-oil-claims-formula-too-generous.jpg"><img class="alignnone size-full" title="BP said the formula for determining final payments from the fund for Gulf oil spill victims is too generous" src="http://londonglossy.com/wp-content/uploads/2011/02/min-bp-oil-claims-formula-too-generous.jpg" alt="BP said the formula for determining final payments from the fund for Gulf oil spill victims is too generous"/></a></p>
<p>The administrator of the £12 billion fund for Gulf oil spill victims has been told by BP that his formula for determining final payments is too generous.</p>
<p>A document purporting to be from a major business was posted on the Gulf Coast Claims Facility&#8217;s (GCCF)website. </p>
<p>The name of the business and other identifying references were removed, but a spokeswoman for the fund confirmed the comments were written by BP.</p>
<p>The document said Kenneth Feinberg&#8217;s methodology artificially inflated future expected losses for victims of the spill off Louisiana last April.</p>
<p>It claims there is no factual basis to assume Gulf-wide claimants will experience losses this year equalling 70% of their 2010 losses and losses in 2012 equalling 30% of 2010 losses.</p>
<p>Over the last two weeks, hundreds of Gulf residents and businesses have filed comments with the claims facility. Many have accused Mr Feinberg of moving too slowly in making payments. Others say the payments have been too small and many complain the methodology he has proposed for final payments lowers the future impact of the spill on victims.</p>
<p>The BP document that claims the final payment methodology is actually too generous was dated Wednesday, the last day of the public comment period that Mr Feinberg had initiated.</p>
<p>US Rep Edward Markey of Massachusetts, the ranking Democrat on the House Committee on Natural Resources, blasted BP for the comments.</p>
<p>&#8220;BP made errors in judgment that led to this oil spill, and now they&#8217;ve made another error in judgment by going after the very people their spill harmed,&#8221; he said. &#8220;If you ever needed an example of BP being totally out of touch with reality, this is it. BP said they would make things right for the people in the Gulf, yet it seems all they really care about is making things right for its shareholders.&#8221;</p>
<p>Mr Feinberg has said he would consider all the comments. He has not indicated whether he planned to give more weight to one comment versus another.</p>
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