Report: BP Pays Feinberg and Firm $850,000 a Month

BP is paying Kenneth Feinberg and his law firm, Feinberg Rozen, $850,000 a month to administer the company’s $20 billion oil spill compensation fund, Bloomberg reports today.

Thus far, BP has paid out more than $2.5 million for the firm’s work. It will continue to pay the same monthly rate until the end of the year, when it will review the contract. The money does not come out of BP’s oil spill compensation fund, Bloomberg says.

The revelation, which came in a report by former U.S. Attorney General Michael Mukasey, isn’t likely to put to rest questions about Feinberg’s independence as well as the transparency of the claims process.

For more on Feinberg, read my interview with him.