Many businesses, including yours, may be entitled to compensation from your losses since the BP Oil Spill.
In April 2010, the oil rig ‘Deepwater Horizon’ owned by BP suffered an explosion and subsequently sank, claiming the lives of 11 workers. For the following three months, nearly 5 million barrels of oil gushed from the sea floor. The event is often considered the largest accidental marine oil spill in history. Since the spill, the Gulf coastline has suffered ecologically and economically from Florida to Texas, Louisiana suffering particularly due to its coastal exposure and extensive tourist industry.
In September 2011, a U.S. report identified the source of the incident as defective cement on the rig well. This led to BP being blamed for cutting costs and failing to implement sufficient safety procedures. After the incident, the Obama administration placed a temporary moratorium on Gulf oil drilling, but that has since been lifted.
Numerous charges, civil and criminal followed the disaster. In January 2013, U.S. District Court Judge Carl Barbier granted approval of a class settlement with BP which “provides compensation to class members that appears sufficient” to compensate them for their financial losses resulting from the oil spill and the spill’s lasting effects on the region. This structured settlement allows for extensive amounts of relief for businesses who have suffered losses in the 2010-2011 year. There is a minimal required method of proof to show that losses were the result of the oil spill and many types of losses are eligible.
The original estimate made by BP is at least $7.8 billion, but there is no cap on potential settlement claims. Currently, BP has placed $9.5 billion aside in the trust to pay the loss claims.
The entire state of Louisiana is within the eligible geographic region. Depending on the type of business and type of losses, a business may recover a percentage of their loss or even an amount in excess of their losses.
Common businesses that will likely have claims would be:
- Real estate agents/Brokers
- Medical practices
- Retail shops/Department stores
- Recreation Centers
- Tourist attractions
For example, if you operate a real estate business and are now unable to sell property in certain areas as a result of the spill, you are a prime candidate for the compensation funds. In no way is this list exhaustive of the all the types of eligible businesses that might have suffered a loss in the 2010 to 2011 year. Even if your business is not listed you may likely have a valid claim for relief from the settlement. To secure compensation, ownership is not necessarily required; leases may qualify as well. Even failed businesses may be entitled to compensation if they meet certain requirements.
Types of claims which would be excluded from relief would be: certain financial institutions, casinos, or businesses who have suffered economically as a result of the end of oil drilling off the coast.
If you have had a drop in gross profits from 2010 to 2011, you may qualify for compensation from the fund. Please contact a Louisiana injury attorney as soon as possible. Here at Cardone Law Firm, we have the skill and knowledge to determine your eligibility, the means to calculate your potential compensation, and the experience to file your claim for compensation.
So, if you would like to make an inquiry to help you determine if you have a valid claim, then Phone Cardone and discuss your particular circumstances with Cliff Cardone. It’s really that simple.
BP Settlement Funds Available for Businesses Feb 8, 2013