Take BP’s settlement offer and you may lose your right to sue Halliburton or Transocean

Wednesday, November 24, 2010 is the deadline for Gulf oil spill victims to accept BP’s short-term settlement offer. Reuters obtained a leaked draft proposal of the rules that govern the escrow fund. The proposal by compensation czar Kenneth Feinberg reveals that settlement recipients would be forced to forever give away their right to sue not only BP, but Halliburton, Transocean and any other parties potentially involved in the Deepwater Horizon blowout. According to Tom Hals of Reuter, this would give BP control of the lawsuit process and allow them—and not the actual victims—to go after other parties for damages. Moreover, the oil giant could use this technique to recoup some of the funds it pays out.

Read more here on the Nov. 24 settlement deadline and how signing the offer forever takes away the right of oil spill victims to sue BP.

Source: Associated Press