Feinberg Say $10 Million Paid in BP (NYSE:BP) Claims

In the first week since launching the BP (NYSE:BP) compensation fund, claims administrator Kenneth Feinberg said almost $10 million was paid out in emergency payments to residents of the Gulf Coast region.

So far, 1,935 emergency claims have been made, primarily for lost profits or earnings to individuals and businesses. The majority of payments were no higher than $5,000, and some dropping as low as a penny.

For those wanting to finalize their claims and bypass litigation, there are over a 1,000 people, according to the Gulf Coast Claims Facility, where the individuals or businesses will have to waive the right to sue BP if they are to receive the payment. At this time no final claims have been paid.

Over 29,000 claims are now under review, and the agency said only one has been denied so far.

Louisiana residents are leading the list for emergency claims, as they took the heaviest hit from the oil spill. They collectively have received close to $4 million, while Florida is next with $2.4 million.