BP Oil Spill Settlement Funding

BP Oil Spill Lawsuit Funding The BP Oil Spill was perhaps the biggest environmental disaster in the United States’ history. It caused extensive damage to homes, business, economies, as well as wreaking havoc on local wildlife in and around the Gulf Coast.

The legal ramifications for businesses and individuals affected by the disaster are still being negotiated, and BP oil spill lawsuit funding may be the one of the best options available to those who are pursuing compensation through the courts.

Businesses affected by the oil spill include:

  • Shrimpers
  • Oystermen
  • Tourism companies
  • Deep sea fishing charter boats
  • Restaurants
  • Scuba diving companies
  • Hotels
  • Rental property owners
  • Property developers

According to a recent report from Bloomberg, BP is still unsure of the full extent of how much they will have to pay. In addition to big payouts to the government and private individuals and businesses, the company is facing claims from plaintiffs who weren’t covered by last year’s settlement, and as much as $17 billion in fines over violations of the U.S. Clean Water Act.

BP oil spill fund

Last year, BP agreed to pay $8.5 billion to settle lawsuits, as well as $4 billion to the U.S. Government in criminal penalties. Under the settlement, two main types of class action lawsuits are available, medical and economic.

The economic damages settlement is designed to compensate businesses and individuals who suffered private and economic losses as a result of the oil spill, including lost profits and loss of potential future growth. It covers the following types of claims:

  • Economic losses
  • Coastal real property damage and wetlands property damage
  • Real property sales losses
  • Losses of subsistence use claims for vessels of opportunity charter claims
  • Seafood processing losses

The amount paid out in each case is dependent on a variety of factors.  For individuals, the earning history can be assessed using the tax records and personal financial records of the claimant. Businesses can claim for loss of growth potential based on documented projections and history.

Generally speaking, any claimant who is eligible for damages will have their potential payout based on a risk transfer premium (RTP), also known as a multiplier. The amount of the multiplier will depend on the business’ location and sector.

Presently, there is a court-supervised transition period bridging the gap between the Gulf Coast Claims Facility – which is now closed – and a new claims process, still being set up. Any pending claims, submissions and paperwork, or any new claims, will be automatically transferred to the new system, detailed below.

Deepwater Horizon claims center

The claims process has been transferred from the Gulf Coast Claims Facility to the Deepwater Horizon Claims Center. The Center is now overseeing settlements between all private claimants and BP, and has, to date, paid out in excess of $2 billion to businesses and individuals who lost money as a result of the spill, according to the court-appointed claims administrator.

In total, the office has promised damages totalling $3.06 billion to 162,603 eligible claimants (as of May 6, 2013). A Lafayette lawyer, said in a recent press release that around $2.08 billion has been paid so far to businesses and individuals. A more detailed report is expected shortly, and will outline the Center’s progress. U.S. District Judge Carl Barbier is hearing the massive civil trial without a jury.

“This is another milestone in the claims process,” Juneau said in a statement. “We started this new process in June of 2012 and in less than a year, we have reviewed claims and determined, by the settlement agreement, that over $3 billion in claims are eligible for payment.”

Although the claims are many and varied – and exceedingly complex – the most important thing for commercial entities to remembers is this: if your business suffered even a slight decrease in revenue between May and December of 2010, it makes sense to seek legal counsel. If you enter the lengthy legal process, and are worried about how to maintain your financial security, BP oil spill lawsuit funding from LawStreet Capital can help you cover costs while you await your day in court.

BP Gulf oil spill lawsuit funding

Because of the vast scope of claims relating to the BP Oil spill in the Gulf, lawsuit funding may be the best option for those in need of economic help. Plaintiffs may find themselves waiting for years before their case is resolved. BP Gulf oil spill pre settlement funding is designed to help people cover expenses like payrolls, rent, mortgages, and other overheads while their claims resolve.

Legal funding is a no-risk endeavor, as this pre settlement cash advance is only repaid once compensatory damages or settlement monies are awarded. If you aren’t successful in court or your case isn’t settled, the money is yours to keep. Call LawStreet Capital today to see if you are eligible for BP oil spill lawsuit funding.  Our application is free and there are never any hidden costs or credit checks. In most cases, you can get approval in just 24 hours. Call 800-345-8500.