Lawsuit Funding May Help Claimants Waiting for BP Oil Spill Payouts

Shay Morrigan | May 28th, 2013

Pre Settlement Loans for BP Oil Spill ClaimsIn 2012, British Petroleum (BP) estimated that it would pay about $8.2 billion in settlements for damages caused by the 2010 oil spill in the Gulf of Mexico. Now, according to a recent report, the company has stated that that amount was most likely a significant underestimation. Businesses and individuals who suffered damages from the oil spill may be eligible to file a lawsuit against the company to recover losses, though they now have only about 11 more months to do so. To date, over 165,000 claims have been filed, with an estimated total value of $3.2 billion.

Payouts have not yet begun, however, leaving claimants to manage on their own in the meantime. For some, BP oil spill lawsuit funding may provide a helpful option in coping with financial burdens.

Many people eligible for economic claims

The Deepwater Horizon Claims Center, which is overseeing the multibillion-dollar settlement between BP and private claimants, has already awarded settlements to a variety of plaintiffs, including a farmer in Monroe, a clothing store in Baton Rouge, and a construction company in north Louisiana, according to November 2012 report in Reuters. Eligibility is broader than many people might think, including most individuals and businesses with few exceptions, like the banking, gaming, and insurance industries.

Those who have suffered economic damages as a result of the spill are advised to speak with an attorney about their potential eligibility to file a claim. Examples of those who could recover damages include:

  • Fishermen
  • Deep sea fishing charter boats
  • Restaurants
  • Hotels
  • Property owners

On a broader level, any business that experienced even a slight decrease in earnings for at least three months between May and December of 2010 could potentially receive compensation for loss of business profits, loss of revenue, loss of ability to earn a living, and more. These may include churches and nonprofit agencies, private schools, and car dealerships.

Individuals may also file medical claims

Medical benefits are also available under the BP settlement agreement. Again, a variety of individuals may be eligible to file a claim, including any who suffered from serious health problems following the spill. Some examples include:

  • Clean-up workers
  • Those who decontaminated wildlife and response vessels
  • Residents who lived near the Gulf between April and September 2010
  • On-and-offshore responders

Potential health conditions that may qualify for claims include acute and chronic respiratory and gastrointestinal problems, as well as eye, skin, and nervous system conditions. These ailments must have developed within the timeframe of the spill and the resulting clean-up efforts, or after exposure to the oil or chemical dispersants used in the clean-up process.

BP oil spill lawsuit funding

Though settlements have been awarded, so far payouts have not been made. Payments to claimants may begin as early as June 2013, but that is just an estimate and would apply only to some plaintiffs. A recent request to the United Kingdom government by BP to intervene in what it says are “overly large payments to companies in the Gulf Coast” may further delay proceedings.

Individuals who have suffered medical complications from the spill may be facing the financial difficulty of managing costs of medical treatment and prescription medication. Business owners are likely still running the business, but may be dealing with cash flow problems or overwhelming repair costs. Though some may choose to wait it out for their settlement funds, others may find the option of pre settlement funding for plaintiffs to be helpful.

BP oil spill lawsuit funding provides a cash advance on future expected earnings from a BP settlement. Designed to help plaintiffs cover costs while waiting for their cases to resolve, it involves no risk. Those who receive a settlement on their claims can pay the money back at that time, but if the case is unsuccessful, the plaintiff owes no money.

How to apply for BP oil spill lawsuit funding

If you have filed a claim against BP and are waiting to see if your claim will go through, you may qualify for pre settlement loans for plaintiffs today. The application is simple to fill out, and there is no credit check. When you are approved, LawStreet Capital forwards the money to your checking account, while assuming the risk that your claim will result in a positive resolution. Call today at 800-345-8500.