OSLTF

AcronymDefinition
OSLTFOil Spill Liability Trust Fund
References in periodicals archive ?
The OSLTF is intended to supplement payments made by the responsible party in the event that the responsible party exceeds a $75 million liability limit.
(48) Consequently, the OSLTF scheme fails to satisfy the volume of payments necessary to compensate federal, state, and private entities for the damages caused by the Deepwater Horizon oil spill.
Although one of the primary goals of OPA 90 was to establish a compensation system for private individuals to obtain prompt and full compensation without having to endure litigation, this goal was not achieved due to the OSLTF's insufficient reserves.
(56) Additionally, in response to the insufficient reserves under the OSLTF, the Obama administration is pressuring BP to guarantee that funds are available to expeditiously pay claims.
(59) The GCCF does not replace OPA 90's OSLTF regime.
(84) Claimants who accept final payments are required to sign a release, waiving "any right that the claimant may have against BP to assert additional claims, to file individual legal action, to participate in other legal actions associated with the spill, or to that claim for payment by the OSLTF." (85) Conversely, under [section] 2705 of OPA 90, anyone with a legitimate claim against the party responsible for an oil spill has the right to full compensation.
Congress created the OSLTF in 1986, (38) Congress did not authorize its
The OSLTF is a federally administered trust fund that may be used
party or to present the claim directly to the OSLTF. (44)
responsible party or to present the claim directly to the OSLTF. (45)