Home » Topics » Other Topics » BP Deepwater Horizon Oil Spill Economic Settlement Claims

BP Deepwater Horizon Oil Spill Economic Settlement Claims | Assistance to those hurt economically from the Deepwater Horizon Oil Spill throughout the Gulf Coast

Parker Waichman LLP has already settled tens of millions of dollars in claims on behalf of BP oil spill victims, and can help with your claim. Contact Parker Waichman LLP today to protect your legal rights.

Parker Waichman LLP is offering legal assistance to oystermen, crabbers, shrimpers and others throughout the Gulf Coast who have suffered financial losses or health problems due to the 2010 BP oil spill. In March 2012, BP tentatively agreed to settle BP oil spill claims with thousands of people along the Gulf Coast for at least $7.8 billion. The proposed agreement would encompass two settlement funds, one for economic losses, and one to resolve medical claims.

Parker Waichman LLP has already settled tens of millions of dollars in claims on behalf of BP oil spill victims, and has represented hundreds of individuals and businesses along the Gulf Coast who suffered economic losses due to the BP oil spill. The proposed $7.8 billion settlement may present an opportunity for those who have not resolved their claims to finally do so. The BP oil spill lawyers at Parker Waichman LLP are offering free legal evaluations to commercial oystermen, crabbers, shrimpers and others who would like to pursue settlement of their economic loss or health claims stemming from this disaster via these proposed funds. If you would like to explore the BP oil spill settlement options that may be available to you, please contact Parker Waichman LLP today to protect your legal rights.

BP Oil Spill Settlement Agreement

The BP oil spill began on April 20, 2010 with an explosion aboard the Deepwater Horizon oil rig that killed 11 men. By the time the well was brought under control months later, roughly 4.4 million barrels of oil had spilled into the Gulf of Mexico. The BP oil spill, which now ranks as the largest offshore oil disaster in U.S. history, paralyzed important segments of the Gulf Coast's economy, including seafood and tourism.

In the wake of the catastrophe, more than 100,000 victims of the BP oil spill, including commercial oystermen, crabbers and shrimpers, filed suit in federal court in New Orleans against BP seeking compensation for the economic losses and medical damages they sustained as a result. On March 2, 2012, a two-faceted tentative settlement was announced in that litigation. The first component of the settlement compensates private economic losses incurred by individuals or businesses due to the Gulf oil spill. These claims include businesses and individuals that:

• Lost profits,
• Sustained damage to coastal property, wetlands and personal property,
• Sustained real property sales losses,
• Lost subsistence use,
• Have claims for failure to pay under BP's Vessels of Opportunity Program.

The second component of the settlement compensates people with medical claims related to the spill and provides periodic medical consultation for the next 21 years. Claimants are eligible to participate in either or both settlement funds.

There is no cap placed on the settlements, though BP said it expects to spend at least $7.8 billion funding them. The settlements will be paid from the will $20 billion claims fund that BP set up after the disaster that is being administered by Ken Feinberg via the Gulf Coast Claims Facility. The settlements will be subject to strict court oversight, so plaintiffs' attorneys expect more fairness from this process than what was experienced by so many who attempted to utilize the Gulf Coast Claims Facility. Payments in class action settlements typically are not made until after final approval of a settlement, but BP has agreed not to wait for final approval of the economic loss settlement before claims are paid.

Legal Help for BP Oil Spill Claimants

If you sustained economic or medical damages due to the BP oil spill, and would like to explore what options are available to you under the new settlement proposal, Parker Waichman LLP can help. Please contact the BP oil spill lawyers at Parker Waichman LLP today by filling out our online form, or calling 1 800 LAW INFO (1-800-529-4636) today.