BP Oil Spill Info
Were you in business at the time of the BP Oil Spill in April, 2010? There is less than a year, until April of 2014, to file a claim in the BP Court Supervised Settlement.
The settlement covers businesses and non-profits in all FL counties that touch the Gulf of Mexico, four southeastern counties in TX and the entire states of LA, AL & MS.
Most industries are eligible under the Court Supervised Settlement. Most businesses and non-profit organizations are unaware they are included within the terms of the settlement agreement, and may have valid claims.
The average business settlement award to date has been $233,000 Request a FREE evaluation of your business’ potential claim with the form below.
Were you in business or operating a non-profit during the BP Oil Spill in April, 2010? This is the sixth in a series explaining the Court Supervised Settlement. At this link, you can find the first five installments. (For questions regarding your eligibility in the Settlement Program, use this contact form.)
Because of the complexity of the agreement, a cursory review of financial statements by business owners may result in the conclusion that they cannot participate. When a team of lawyers, CPA s and Chartered Financial Analysts review the same materials often six and seven-figure claims are identified. It is advisable to have an appropriate team of professionals to determine the existence and value of any possible claim.
Were you in business or operating a non-profit during the BP Oil Spill in April, 2010? This is the fifth in a series explaining the Court Supervised Settlement. (For questions regarding your eligibility in the Settlement Program, use this contact form.)
CLAIMS NOT FILED BY THE DEADLINE ARE LOST
Claims must be filed prior to the deadline of April 22, 2014. Claims not filed by that date, barring an extension by the Court, will forever be barred.
SETTLEMENT EXCLUDES CERTAIN INDUSTRIES
Most industries are eligible under the settlement, but some are excluded. However, a business in an excluded industry may have parts of its business separate from the total business and still have a claim. The list of exclusions:
- certain financial institutions
- gaming businesses (casinos, etc.)
- insurance entities, investment funds and financial vehicles
- defense contractors
- governmental entities
- any entity selling or marketing BP-branded fuel
- certain oil and gas concerns
- real estate developers
- businesses which released their claims through the Gulf Coast Claims Facility (GCCF)
Were you in business or operating a non-profit at the time of the BP Oil Spill in April, 2010? There is less than a year, until April of 2014, to file a claim in the BP Court Supervised Settlement. This is the fourth in a series explaining the settlement. (For specific questions regarding your eligibility in the Settlement Program, use this contact form.)
NO PROOF NEEDED THAT BUSINESS LOSSES WERE CAUSED BY SPILL
There is a common misunderstanding about the settlement. There is no need to show that the oil spill itself was related to revenue declines. Even businesses located well inland with little or no exposure to tourism, seafood or hospitality were impacted and are eligible. The trickle-down effect is evident in almost every business’ books. The objective economic loss formulas of the settlement do not require the traditional legal “cause” and no proof of a relation to the spill.
The settlement includes an element of “causation”, but the definition differs from traditional legal cases. “Causation” for the settlement is a set of financial calculations. The settlement created an objective financial measurement rather than having to link together a chain of events, as in a normal negligence claim.
NO CAP ON THE AMOUNT OF MONEY TO BE PAID IN CLAIMS
Were you in business at the time of the BP Oil Spill in April, 2010? There is less than a year, until April of 2014, to file a claim in the BP Court Supervised Settlement. This is the third in a series explaining the settlement.
EACH ZONE HAS DIFFERENT REQUIREMENTS
Qualifying areas are defined by zones. In Zone A there is no financial test. Most businesses and non-profits in Zone A automatically qualify. In Southwest Florida, Sanibel and Captiva are in Zone A.
Zone C varies from 1 mile to 20 miles inland. Zone D may be up to 325 miles inland. Zone C and D qualification calculations are different. The entire states of Louisiana, Mississippi and Alabama and specific counties in Texas and Florida are inlcuded. The Florida counties are those touching the Gulf from the panhandle to the Keys.
The 1200+ page agreement has many exceptions and inclusions. A quick glance at financial records cannot determine a claimant’s eligibility. It is a court process and potential claimants are well advised to consult an attorney. Legal representation may begin with an Authority to Represent. (For specific questions regarding your eligibility in the Settlement Program, use this contact form.) (more…)
The Deepwater Horizon Court-supervised Settlement Program is the court-run class action settlement program designed to compensate for losses resulting from the April 20, 2010 oil spill. The Settlement Program provides objective formulas to evaluate and compensate businesses and professionals for their direct or indirect economic losses incurred after the spill. (For specific questions regarding your eligibility in the Settlement Program, use this contact form.)
Were you in business at the time of the BP Oil Spill in April, 2010? There is less than a year, until April of 2014, to file a claim in the BPCourt Supervised Settlement. This is the first in a series explaining the settlement.
On April 20, 2010, a blowout, explosion, and fire occurred aboard the Deepwater Horizon, an offshore drilling rig, engaged in drilling activities on the “Macondo Well” off the coast of Louisiana. These events led to eleven deaths, dozens of injuries, and a massive discharge of oil into the Gulf of Mexico that continued for nearly three months.
Hundreds of lawsuits with thousands of claimants involving British Petroleum (BP) were filed. On August 10, 2010, all federal lawsuits related to economic and property damages were centralized in (excluding securities suits) in the US DISTRICT COURT for the EASTERN DISTRICT OF LOUISIANA. The official name of the case: In Re: Oil Spill by the Oil Rig “Deepwater Horizon” in the Gulf of Mexico, on April 20, 2010 (If you have questions regarding eligibility or other details about the settlement, use this contact form.)
Settlement Agreement Approved by Judge Barbier
On December 21, 2012, US District Court Judge Barbier issued an Order approving a settlement agreement, applicable to most businesses in the covered area. The BP Settlement Program applies to all types of businesses, though many that may have claims have not pursued them. The settlement changed who qualifies for economic relief, and how claims are evaluated and compensated for direct or indirect economic losses in 2010.