About The BP Settlement

About The BP Settlement

Two Classes Created by the Settlement -- There are two separate class actions Under the settlement, Claimants may participate in either of the settlements or both: One for Economic and Property Damages and the other for Medical Benefits.

Economic Damages Settlement- compensates people and businesses that suffered private economic loss, including lost profits and lost potential for growth.

Settlement Terms
The basic terms of the settlement include:
-Holding BP fully accountable
-Allowing claims to be litigated against Transocean and Halliburton
-Being 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-supervised settlement
-Also under the settlement, new claims programs are starting.

On March 8, 2012, the Gulf Coast Claims Facility was disbanded and new claims programs were instituted that are court-supervised to provide reliable processing of claims.

The proposed settlement has now been submitted to the Court for consideration. Click this link to view the entire filed Settlement Agreement.

The economic and property damages settlement generally covers the six following types of claims:

  • Economic Losses
  • Coastal Real Property Damage and Wetlands Real Property Damage
  • Real Property Sales Losses
  • Loss of Subsistence Use Claims
  • Vessels of Opportunity Charter Claims
  • Seafood Processor Losses

The formula to calculate the amount BP must pay each eligible claimant is based on earnings history and claimants can select the months used to measure their lost income or profits. Most important, claimants may now recover for lost growth potential of their business.

Generally, for claimants eligible for compensation, a Risk Transfer Premium (RTP) or "multiplier" will be used to account for ecological and economic uncertainty. The specific RTP multiplier depends on the location and nature of the claimant's business.

The Claims Programs Process

We are now in a court-supervised transition period to the new claims programs that replaced the GCCF. All pending claims submissions, papers and forms will be transferred to the new programs and will not have to be resubmitted. Many business that did not know they could make a claim, like contractors and developers, can still make a claim. We welcome the opportunity to speak with you about your situation. Please feel free to contact our firm online or by phone at 239-603-6143 or 800-724-7902. We can also be reached online. Consultations can be made at our Fort Myers , Florida, office to see if you are entitled to make a claim for your business.

Call us toll free at 855-SWFL-BIZ (855-793-5249)