Were you in business or operating a non-profit at the time of the BP Oil Spill in April, 2010? There is less than a year, until April of 2014, to file a claim in the BP Court Supervised Settlement. This is the fourth in a series explaining the settlement. (For specific questions regarding your eligibility in the Settlement Program, use this contact form.)
NO PROOF NEEDED THAT BUSINESS LOSSES WERE CAUSED BY SPILL
There is a common misunderstanding about the settlement. There is no need to show that the oil spill itself was related to revenue declines. Even businesses located well inland with little or no exposure to tourism, seafood or hospitality were impacted and are eligible. The trickle-down effect is evident in almost every business’ books. The objective economic loss formulas of the settlement do not require the traditional legal “cause” and no proof of a relation to the spill.
The settlement includes an element of “causation”, but the definition differs from traditional legal cases. “Causation” for the settlement is a set of financial calculations. The settlement created an objective financial measurement rather than having to link together a chain of events, as in a normal negligence claim.
NO CAP ON THE AMOUNT OF MONEY TO BE PAID IN CLAIMS
The claims to be paid under the settlement are not capped. Judge Barbier held a fairness hearing on November 8, 2012, and issued final approval on December 21, 2012. With final approval BP became bound to pay all valid claims as determined by the settlement.
This is an important point. Many eligible businesses have not filed claims believing a limited fund exists. Eligible good-hearted citizens have not filed thinking they would be taking funds from others more deeply affected by the spill. Since BP must pay all valid claims, no party’s payment affects the payment of another party.
CLAIMS NOT FILED BY THE DEADLINE ARE LOST
Claims must be filed prior to the deadline of April 22, 2014. Any claim covered by the settlement agreement not filed by that date, barring an extension by the Court, will forever be barred. There is no cost to inquire about your eligibility at this link.