BP Gulf Oil Settlement Announced
Posted on behalf of Goldberg Finnegan, LLC on Mar 03, 2012 in Oil Spill
We are pleased to report that late last night, less than 72 hours before the trial was scheduled to begin, the Plaintiff Steering Committee in the BP Gulf Oil Spill Litigation announced a settlement with BP. This settlement should fully compensate hundreds of thousands of victims of the Deepwater Horizon explosion which occurred in April 2010.
It will also provide a $105 Million Dollar Grant to fund the first 5 years of a Gulf Coast Region Health Outreach Program to promote physical, mental, and behavioral health in the Gulf Region. The program encompasses:
- Primary care
- Behavioral/mental health
- Health worker training
- Environmental health
... and Library/Administration elements. There is no cap on the amount that BP will pay. This is important because the oil spill has impacted all aspects of fishing communities in the Gulf States.
Two separate settlements were reached with BP. the first will pay private economic loss claims due to the Gulf Oil Spill and will include claims for commercial fishermen, oystermen, real properly losses, and vessel of opportunity breach of contract claims. The second settlement involves claims related to medical injuries from the spill and provides for medical monitoring over the next two decades (21 years to be exact).
Claimants can participate in either or both settlement programs. It is anticipated that the level of proof required to participate in these settlements will be lower than the levels of proof required by the GCCF. Therefore, if you had a claim that was denied by the GCCF you should contact a BP oil spill attorney about possibly making a claim under these new settlement terms. The settlement's intent is to be inclusive of all persons and businesses damaged by the oil spill. Unlike the GCCF's rigid formulas, each claimant will be able to choose the months used to measure lost income or profits based on historical earnings; and there will be compensation paid for lost growth potential (known as a Risk Transfer Premium or "RTP") Multiplier. The specific Risk Transfer Premium Multiplier will depend on the location and nature of the claimant's business.
If you are interested in participating in the settlement contact us at (888) 213-8140.
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