The Plaintiffs' Steering Committee (PSC) spearheading the litigation surrounding the 2010 BP Gulf Oil Spill today announced that a settlement in principle has been reached with BP that will fully compensate hundreds of thousands of victims of the tragedy.
The settlement is to be fully funded by BP, with no cap on the amount BP will pay. BP is obligated to fully satisfy all eligible claims under the terms of the Court supervised settlement, irrespective of the funds previously set aside.
The agreement will resolve the majority of private economic loss, property damage and medical injury claims stemming from the Gulf Oil Spill. The settlement will hold BP fully accountable to individuals and businesses harmed by the spill.
Two separate settlements were reached with BP. The first will pay private economic loss claims due to the Gulf Oil Spill and will include claims for commercial fishermen, oystermen, real properly losses, and vessel of opportunity breach of contract claims. The second settlement involves claims related to medical injuries from the spill and provides for medical monitoring over the next two decades (21 years to be exact). Claimants can participate in either or both settlement programs. It is anticipated that the level of proof required to participate in these settlements will be lower than the levels of proof required by the GCCF. Therefore, if you had a claim that was denied by the GCCF you should contact an attorneys about possibly making a claim under these new settlement terms. The settlement's intent is to be inclusive of all persons and businesses damaged by the oil spill. Unlike the GCCF's rigid formulas, each claimant will be able to choose the months used to measure lost income or profits based on historical earnings; and there will be compensation paid for lost growth potential (known as a Risk Transfer Premium or "RTP") Multiplier. The specific Risk Transfer Premium Multiplier will depend on the location and nature of the claimant's business.
There will be no delay in the processing of economic loss claims while the heart of the claims process shifts to New Orleans, where Court supervision will ensure independence, fairness, transparency of process, and accountability. During the transition period claimants will be able to accept a percentage of their existing GCCF (Gulf Coast Claims Facility) offers while preserving their right to participate in the economic loss settlement.
If you are interested in participating in the settlement contact us at 1-888-926-2889.