Services

BP Oil Claim Services

Introductionto BP Oil Claim Services

BP Oil Claim Services

Many companies and individuals are not aware that they may be eligible to file a claim against BP Oil for economic damages in regards to the April 20, 2010 oil spill in the Gulf. The Class-Action Settlement (“Deepwater Horizon Court-Supervised Settlement Program”) essentially says that if an organization can demonstrate a downturn in revenues in 2010 after the spill as compared to similar periods in prior years, it can be presumed that the Oil Spill was the cause. The areas affected include the Gulf Coast counties of Florida, certain Gulf Coast counties in Texas and all of Alabama, Mississippi and Louisiana. The settlement program is not just for tourist related businesses or those located directly on the coast; many businesses have been indirectly affected and the covered area extends many miles inland.

There are specific tests depending on an organization’s exact geographical location, type of business, etc., that utilize 5 years of historical data (2007 – 2011) to determine if an organization is eligible (has “causation”) to file a claim. Gregory, Sharer & Stuart, P.A. (GSS) provides the accounting services necessary to assist companies in gathering, organizing and reviewing the financial information needed to determine if they may have been impacted. GSS works closely with both a law firm and a consulting firm experienced in filing these claims to analyze an organization’s particular situation and the economic trends that affected businesses in 2010. A thorough understanding of the rules is imperative to determine if organizations are eligible and a successful claim requires strong accounting evidence, correct documentation and an accurate calculation of the claim. A law firm handles all legal documents and represents organizations to pursue and file claims. A consulting firm assesses, evaluates and calculates claim amounts, in addition to organizing claims for filing.

Items To Note

  • This new program, effective June 4, 2012 replaces the old Gulf Coast Claims Facility Program (“GCCF”)

  • Causation is now proved strictly through a financial test, not through reasoning or explanation

  • Excluded businesses include the gaming industry, government agencies, financial institutions and a few others

  • Businesses in the tourism industry and those in “Zone A” are not required to pass causation, but are automatically eligible

  • BP Oil has established a $7.8 billion settlement fund, but there is no cap on the amount of compensation BP must pay under this class-action settlement between BP and the Federal Government

  • A Confidentiality Agreement will be signed that confirms we will protect the privacy of the claimant regarding information used in the claims process

  • Once all required documentation is provided and all legal documents have been signed, the claim is usually filed within 10 – 15 days

  • Both the Plaintiffs' Steering Committee and BP think the Settlement Agreement is fair and in the best interests of the Plaintiffs, all those in the Economic and Property Damages Class, and BP

 

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