If you own or operate a business that suffered revenue declines due to the 2010 BP Oil Spill click here to find out if you qualify for the settlement.
The plaintiff’s steering committee (PSC) spearheading the litigation surrounding the 2010 BP Gulf oil spill announced that a settlement in principle has been reached with BP that will fully compensate hundreds of thousands of victims of the tragedy. The settlement is to be fully funded by BP, with no caps on the amount BP will pay. BP is obligated to fully satisfy all eligible claims under the terms of the court supervised settlement , irrespective of the funds previously set aside. Please consult with our firm by calling 877-444-2929 about possible claims for compensation and see below for the details of the claims and settlement.
BP OIL SPILL CLAIMS
British Petroleum “BP” has agreed to pay seven (7) billion dollars in economic damages for the BP oil spill in March of 2010. There are two (2) different types of class actions under the settlement; claimants may participate in either or both of the settlements. The first settlement is for economic and property damage and the other are for medical benefits.
1. Economic Damages Settlement:
This is to compensate people and businesses who suffered private economic losses, including loss profit and loss potential for growth.
The terms of this seven (7) billion dollar BP settlement:
- Holding BP accountable for the losses occurred due to the oil spill;
- allowing claimants claims to be litigated against Transocean and Halliburton;
- Is fully funded by BP;
- Placing no cap on the amount BP will pay;
- Requiring BP to fully pay all eligible claims under the terms of the Court’s Supervised settlement;
- New claims will be allowed to be added.
If you wish to review the settlement agreement click on this link http://www.laed.uscourts.gov/OilSpill/Orders/04182012NoticeEconomicSettlementAgreement%20%28R.D.%206276%29.pdf
As of March 8, 2012, the Gulf Coast Claims Facility has been disbanded and new claims programs were installed that are Court supervised to provide accurate and reliable processing of claims.
2. Economic and Property Damages Settlement:
This type of loss generally covers the following six (6) types of claims:
- Economic losses;
- Coastal real property damage and wetlands real property damage;
- Real property sale losses;
- Losses of subsistence use claims for vessels of opportunity charter claims; and
- Seafood processing losses.
The formula to calculate the amount BP must pay:
This will be determined based on the earning history of the claimants and can usually be proved by the Tax Returns and internal records keeping of each individual claimant. Additionally, claimants can recover for loss of growth potential of their businesses.
In general, any claimant that is eligible for compensation, otherwise known as a risk transfer premium (RTP) or “multiplier”, will be used as a way to account for any ecological or economic ambiguity or uncertainty. The amount of the RTP multiplier will depend on the location and type of the claimants’ business entity.
The claims program process:
At present, there is a Court supervised transition period that is bridging the gap between the GCCF, which has been replaced with a new claims process and programs. Any pending claims, submissions, paperwork, forms or any other type of request for a claim will be transferred to the new program automatically. This means that they will not have to be resubmitted.
Many companies, both small and large, that do businesses in Coastal counties which and did not make a claim can now do so. Examples of such businesses are those that are dependent on the gulf including all tourism related businesses. Since a significant amount of Florida’s economy is related to tourism, this would include almost all businesses in Coastal counties. This also includes all contractors, developers or any other type of business that showed a drop in general revenues in 2010.
You can contact us on line or call us at 877-444-2929 if you have any questions and wish to make a claim.