Posted Oct 08, 2010 07:07 pm CDT
A lawyer and his firm are being paid a reasonable $850,000 per month to oversee the administration of a $20 billion fund set up by BP PLC to compensate victims of its Gulf of Mexico oil spill.
Kenneth Feinberg of Feinberg Rozen asked former U.S. Attorney General Michael Mukasey of Debevoise & Plimpton to look into the appropriateness of the compensation arrangement and in a report today Debevoise found it was reasonable, recounts Bloomberg.
One of the reasons why is that the firm has had to divert resources, add staffing and turn down other work in order to handle the BP matter, the Debevoise firm says. Four lawyers billed 2,777 hours on the matter between June 16 and Oct. 4.
How much Feinberg himself is being paid hasn’t been disclosed.