BP: Claims payments near $400 million as process transitions

Of the total, payments include $157 million to pay the wages of those who have lost jobs, $51 million to fishermen and $48 million for rental property owners. 

BP has worked with the federal government to set up a $20 billion claims fund. The oil giant has sold about $9 billion in assets to have cash on hand to pay into the fund.

BP made its first payment of $3 billion into the fund on Aug. 9 and will make a $2 billion deposit in the fourth quarter of this year with the company expecting to add $1.25 billion a quarter — or $5 billion a year — until all $20 billion has been deposited.

During the first three weeks of August, BP made claims payments of $133 million. Recent payments include $134 million in July, $93 million in June and $39 million in May, BP said in a release.