BP Settlement

BP Settlement Updates

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Just to keep you updated, the GCCF is closed and you will now need to have you claims filed in New Orleans through an agency that is monitored by the courts. The great news is that $7.8 Billions dollars is now available for BP claimants. This amount is not capped so if necessary, more funds will be available if payments go over this amount.

How This Update Affects You

You will now need an attorney to assist you in filing your BP settlement / BP claims in New Orleans. We have experienced BP lawyers and adjusters who would be happy to help you. Call us today or fill out the form on the right to get started on your claim.

The previous GCCF was known for taking advantage of valid BP claimants by offering an unfair BP settlement that was very low. They knew that the affected businesses were in desperate need of money, and many businesses accepted the low BP settlement since they needed the funds immediately. The new agency that has replaced the GCCF is promising fair payouts without costly delays.

Included Industries in the New System

-Real property damage for coastal and wetland owners

-Property value losses

-Seafood industry

-Vessels

-Loss of subsistence

-Medical issues caused by the oil spill

Contact us at 1-888-888-5924 for more information. We have an experienced team who will review your case.


Click Here to Get Started on Your BP Claim Now

 

BP Settlement News

BP Makes Final Efforts to Halt Oil Spill Compensation Payouts for Gulf Coast Businesses

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BP is now crying over the huge payouts awarded to the Gulf Coast businesses as compensation for the losses caused by the April 2010 Gulf of Mexico oil spill. The company now wants the British government to request the United States government to intervene and help BP, some recent reports indicate.

According to BP, it’s being compelled to make exceedingly large payouts to businesses along the Gulf Coast area which claim losses on account of the oil spill catastrophe. BP says several businesses that actually don’t deserve any compensation are winning compensation by filing “fictitious” claims. And, BP says, such “absurd” payouts are jeopardizing the company’s own economic recovery. Additionally, such unwanted payouts are putting BP at the risk of an aggressive takeover.

The funny thing is that the court-overseen Deepwater Horizon Claims Centre is calculating the compensation payments with a formula that BP itself has agreed. In spite of this fact, the company filed a motion in a United States federal court requesting to halt the payouts for business claimants as the amounts of compensation are overinflated and, at times, totally unnecessary. This motion was rejected by Judge Carl Barbier. The company is now appealing this ruling. BP has warned its shareholders that the $8.5 bn the company expected earlier as the cost of the settlement was a substantial underestimation.

The company is apparently worried by the likely magnitude of payouts it is now making to the Gulf Coast businesses. Some reports say BP is planning to approach the UK Prime Minister David Cameron for seeking his assistance in persuading the United States federal government to step in. BP hopes that Mr. Cameron during the G8 meeting which will be hosted by the UK next month. The richest countries of the world are taking part in this meeting.

BP says the company would be harmed “irreparably” if the payout system is not reformed as soon as possible. According to sources closed to the British Petroleum Company, the pace at which money is flowing out from the company is putting its dividend at risk, in addition to make it susceptible to a potential takeover by any other oil firms.

BP Plc says the way the settlement between it and the private oil spill plaintiff is being interpreted by the claims administrator Patrick Juneau is poised to be a permanent black mark on the entire United States Justice System.

BP to be Sued in Mexico over Gulf Oil Spill

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Mexico City – A Mexican citizens’ group is preparing the 1st civil suit against British energy giant BP Plc in Mexican courts over the April 2010 Deepwater Horizon spill tragedy in the Gulf of Mexico.

The Mexican claimants are bringing this class action suit under a 2011 constitution reform which allows many individuals who have a common concern over a particular issue to sue the defendant as a group.

The civil suit includes “damages to individuals residing in the region or those who have commercial and residential properties along the shoreline, and individuals affected indirectly by the Deepwater Horizon spill catastrophe, according to Óscar Preciado, an attorney from a prominent Mexican law firm.

On 20th April, 2010, BP’s Deepwater Horizon rig blasted off the Louisiana Coast, taking the lives of 11 workers and injuring 17 others. The rig sank 2 days after the explosion. Owner of the rig was Switzerland-based Transocean Ltd. The explosion was triggered by the blow-out of British Petroleum’s Macondo oil well. The blowout also caused the worst marine oil spill tragedy in the U.S. history. The economies of 5 Gulf Coast States (Louisiana, Mississippi, Alabama, Florida and Texas) were severely affected by the spill. This was mainly because of the dramatic decline in tourism following the oil spill disaster.

By 15th July, 2010, when the spill was sealed by capping the wellhead, approximately 5 m barrels of crud oil had been spewed into the Gulf of Mexico. BP recovered nearly 800000 barrels before they reached the shoreline. Nearly 1.9 m gallons of hazardous dispersant chemicals were applied in the area for cleaning up the oil spill.

The oil spill poses a threat to fauna, flora and the Gulf of Mexico fishing resources.

“The federal government as well as BP Plc could be sued in Mexico,” said Colectivas coordinator René Sánchez. “The government also was culpable of omission,” he said. Colectivas is non-governmental organization formed in 2012 November for providing advice to individuals and businesses regarding filing a class action suit.

Anyhow, the year 2011 collection action law – that allows groups of consumers as well as PROFECO, the consumer protection agency of Mexico, – doesn’t contemplate reparations.

The Deepwater Horizon catastrophe caused a massive class action suit (multi district litigation or MDL) to be filed which involved 130000 or more plaintiffs, presided over by United States District Judge Carl J Barbier.

UK Government Officials Say BP not Seeking Prime Minister’s Help in Gulf Oil Spill Case

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London, UK – UK government officials declared on Thursday that British Petroleum hasn’t sought the help of David Cameron – the British Prime Minister – in reducing the compensation payouts relating to the company’s role in causing the catastrophic April 2010 Deepwater Horizon spill in the GoM (Gulf of Mexico).

There were reports that the British oil giant would seek the help of UK Prime Minister to convince the United States Government that the Deepwater Horizon Center is paying out too much to the Gulf Coast businesses. The reports indicated that Cameron would raise this issue during the summit of world leaders which will be hosted by Britain next month.

Government officials say BP has not approached Cameron so far on this issue. They said Cameron didn’t raise this issue to United States President Barack Obama at the time of his American visit which ended on last Wednesday.

Now the British Petroleum Corporation is in an attempt to stop paying out millions in what the company believes inflated claims for damages in connection with the April 2010 oil spill catastrophe in the United States Gulf of Mexico. BP says such “absurd” payouts awarded to a number of “fictitious” compensation claims are putting the company’s financial prospects at risk. BP complains that many undeserved businesses along the Gulf Coast are getting huge amounts of money by filing fake claims. The UK-based energy giant alleges that the administrator of Deepwater Horizon Claims Centre – Mr. Patrick Juneau – is misinterpreting the terms of its settlement for making such “absurd” payouts to Gulf Coast businesses that claimed “non-existent” and “artificially calculated” losses.

As part of its effort to halt the payouts for business claims, BP had filed a request in the United States District Court in New Orleans which was discarded by Judge Carl Barbier. The attorneys representing Gulf oil spill victims also criticized BP for its move to halt compensation payouts. Anyway, BP is now appealing Barbier’s ruling at the United States Court of Appeals for the 5th Circuit.

11 rig workers were tragically killed in the explosion that followed the blowout of BP’s Macondo well on 20th April, 2010. The leak continued for 87 days and more than 200 m barrels of crude oil was spilled into the Gulf. Numerous lawsuits were filed against BP after the accident. It was in last year that the company reached a settlement with the attorneys representing the Gulf Coast individuals and businesses that suffered losses because of the disaster.