November 27, 2012
Mullenix on the BP Compensation Fund
Linda Mullenix (Texas) has posted to SSRN Prometheus Unbound: The Gulf Coast Claims Facility as a Means for Resolving Mass Tort Claims--A Fund Too Far. The abstract provides:
In the well-known Greek myth, Prometheus stole fire from the Greek god Zeus and gave it to humanity. In return for this arrogance, Zeus had Prometheus chained to a rock in the Caucasus Mountains where Prometheus was punished by an eagle eating away at his liver, which regenerated every night. Because Prometheus was immortal, he was condemned to eternal torture by the voracious eagle‘s pecking. After 30 years of this punishment, however, Hercules appeared, killed the eagle, and liberated Prometheus from his unending torment. In return for freeing him, Prometheus rewarded Hercules with the secret to completing the 11th of his famous Herculean labors.
On April 20, 2010, an explosion on the Deepwater Horizon rig killed 11 workers and unleashed the worst oil spill in American history. Less than two months later, on June 16th, 2010, BP Oil ― after meeting with President Barack Obama ― agreed to set up a $20 billion fund to compensate victims of the disaster. Shortly thereafter, BP selected Kenneth Feinberg to oversee the compensation fund and claims process.
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