What Is The Deepwater Horizon Settlement Program And … Am I Eligible?
April 29, 2015, 5:27 pmTags: Oil Spill
March 18, 2013 – On December 21, 2012, the federal court overseeing the litigation from the April 2010 Deepwater Horizon Oil Spill granted final approval to a class settlement extending economic damages to businesses as a result of the oil spill. The total package is valued at $7.8 billion, but there is no cap on the amount that may be paid.
- BP and the plaintiffs negotiated for many months before reaching this voluntary agreement. Both parties concluded that settling under these terms was in their best interest and the best interest of individuals and businesses in Gulf Coast states. BP wants all valid claimants to participate in this program.
- Most industries are eligible under the terms of the settlement. The difference however, between this settlement and others, is that BP is not required to inform those who may qualify, leaving thousands of businesses unaware of their potential claim. Our claimants range in industry from car dealers, physicians, hotel and resort owners, to restaurant managers, self-storage owners, and more.
- BP acknowledges that most businesses in the specified zones were harmed directly or indirectly. This mean oil did not have to physically touch your establishment to have felt the trickle-down effect. The fear of oil made a significant impact on local businesses, and this Settlement Program is in place to make up for that.
- There are objective parameters that determine a company’s eligibility. The complex formulas can discern who was harmed, over and above the economic downturn.
How does this affect your business? Knowledge is power, and even the Administrator of the Program, Patrick Juneau says, “when in doubt, file a claim.” It’s worth the look so that an educated decision can be made on behalf of your business.