The International Oil Pollution Compensation Funds (IOPCF) issued an Update reporting on its October 2002 sessions of the governing bodies. The 1992 Fund now has 82 members. The 1971 Fund Convention ceased to be in force on May 24, 2002. The Spanish Parliament has authorized the Minister of Finance to sign a global settlement agreement involving the owner of the AEGEAN SEA, the insurer, and the 1971 Fund. The Fund will pay the Spanish Government approximately £24 million. A global settlement has been approved involving the insurer of the NAKHODKA and the 1971 and 1992 Funds for payment in full of all claims. Payment of admissible claims involving the ERIKA will be maintained at the 80% level while claimants take legal action
. The Executive Committee has authorized the Director to challenge the owner’s right to limit liability. The Funds have decided to oppose any attempt by the owner of the AL JAZIAH I to limit liability.
Source: HK Law