BP Claim Boss: Gulf Spill Claims Process is Taking Too Long

(DJ Newswires) - Kenneth Feinberg, who is in charge of the $20 billion account set up by BP to pay claims related to the Gulf of Mexico oil leak, told Fox Business Network on Monday that it's taking too long to process claims.

An emergency claim should be paid one or two days after it has been verified, he said, adding that that largely depends on claimants' providing all necessary information as accurately and quickly as possible.

Feinberg, who also serves as the so-called pay czar for the Treasury Department's Troubled Asset Relief Program, said too many claims aren't being processed and that there are other inefficiencies that need to be addressed. But, reiterating what he had said in an earlier interview with CNBC, Feinberg praised BP for setting up a claims process. He said it's "highly unlikely" he will change the process substantially, but he will focus on certain needed improvements.

"The buck will stop with the independent claims facility," Feinberg said, "and that means with me."

He also said there will be a process to sort out claims that appear fraudulent.