More Jim Hood on BP Payments

BP settlement news:

The administrator of BP Plc's (BP.L) $20-billion fund for victims of the worst U.S. offshore oil spill on Wednesday encouraged claimants to file early for final settlements to get the most generous terms.

"I am determined to be more generous than the courts would be..." said Kenneth Feinberg of the Gulf Coast Claims Facility on a conference call as the program stopped taking emergency claims and started work on final settlements.

He warned that Gulf Coast people and businesses who decline to settle and refuse to give BP and its contractors a release from future risk of lawsuits might end up getting less money.

"There is no guarantee that, in the future, a lump sum final payment will be as generous as it will be currently," Feinberg said.

"Until we finish our negotiations with Mr. Feinberg, I advise claimants against signing a release or accepting a final payment without first sharing those payments and paying fees to consulting an attorney," Mississippi Attorney General Jim Hood said in a statement.