Feinberg Plans to Compensate Real Estate Agents for Oil Spill Losses

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Tuesday, August 10, 2010 at 2:52 pm

Kenneth Feinberg, who is taking over the BP claims process on Aug. 23, told Gulf Coast residents today that he is meeting in Washington, D.C., tomorrow to negotiate a special compensation package for real estate agents and brokers, even though he does not believe they have a legitimate claim for economic damages from the oil spill.

Feinberg, speaking at a forum on  oil spill compensation at the University of West Florida today, said he does not believe real estate agents “have a legal claim for their loss,” though he did not expand on his reasoning.

But Feinberg said he had been approached by Gulf coast lawmakers and others on the issue. “I think it’s the right thing to do under the circumstances,” he said, noting that he would be attending a meeting in Washington tomorrow on the issue. I’ve reached out to Feinberg’s spokesperson as well as the National Association of Real Estate Brokers for more detail on the meeting and will update when I hear back.

Real estate agents have argued that they are losing business because fewer people want to purchase or rent houses along the Gulf coast in light of the oil spill.

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Another roughly $ 200 million has been paid to the Fund and other costs. The next payments to individuals and businesses can also environment and State and local response to finance the costs. Feinberg is not responsible for such payments.

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