BP Oil Spill Settlement
A settlement has been reached between BP and the attorneys representing individuals and business owners who suffered damages as a result of the Gulf of Mexico oil spill. The BP settlement will be fully funded by the oil giant, with no cap on the amount it will pay. The company is obligated to fully compensate all eligible oil spill claims under the settlement agreement, regardless of the funds previously set aside.
If you suffered damages to your property or business due to the BP oil spill, it’s not too late to file a claim. To learn more about your eligibility for compensation under the BP oil spill settlement, complete our free case review form today.
You can also view this Quick Guide for more settlement information.
Compensation under the BP Oil Spill Settlement
Under the BP oil spill settlement, the majority of property damage, injury and private economic loss claims will be resolved. The agreement will hold BP fully accountable to both businesses and individuals who were affected by the oil spill. Two separate settlement agreements have been reached, with the first compensating private economic losses. This settlement covers claims from individuals and businesses which:
- Lost profits
- Suffered damaged 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 BP oil spill settlement covers individuals with medical claims related to the Gulf tragedy, and provides period medical consultations for the next 21 years. The medical settlement under the BP oil spill agreement is expected to benefit hundreds of thousands of Gulf residents and clean-up workers who experienced acute or chronic illness from exposure to the oil and chemical dispersants following the spill. Specific medical conditions covered under the BP oil spill settlement include respiratory, skin and stomach ailments, among a host of other conditions. Individuals and business are permitted to participate in either or both settlements.
BP Oil Spill Claims
The processing of BP oil spill economic loss claims will not be delayed while the heart of the claims process shifts to New Orleans, where Court supervision will ensure fairness, accountability, independence and transparency of process. During the transition, individuals and businesses will be permitted to accept a portion of their existing Gulf Coast Claims Facility offers while preserving the right to participate in the economic loss settlement.
If you suffered damage from the oil spill, contact our attorneys today. Our BP oil spill settlement lawyers were part of the Plaintiffs’ Steering Committee which spearheaded this litigation and are eager to help Gulf residents and businesses obtain the compensation to which they are entitled. Fill out our no cost case evaluation form to find out how we can assist in seeking compensation for your BP oil spill damage claim.