Does Your Business Have A BP Business Claim?
Do you or your business have a claim under the BP Settlement Agreement?
Under the Settlement Agreement, you may have a real property or business claim. We are working with a team of attorneys sitting on the Plaintiff Steering Committee (PSC), and on the Trial Team who are evaluating claims daily. We have a team reviewing numerous BP claims and have found that many businesses are actually contemplated in the settlement agreement.
If you own a business and/or real property within specified zones you may have a claim under the BP Settlement Agreement. By contacting our office and providing a few required business documents our team of legal experts and statistical partners who have created and utilized personalized software to determine valid claims will quickly review your claim.
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Zones Under the BP Settlement:
All businesses in Louisiana fall within a covered economic loss claim zone and potentially have a claim under this settlement. The state has been broken into four economic loss zones, A-D. Zone A runs along the coastline and portions of New Orleans. Zones B, C, and D are located further inshore. The accounting formulas applied in determining causation vary depend upon which zone the business is located within.
Qualifications to recover under the BP Settlement Agreement:
Any business located in Louisiana, Mississippi, Alabama, or certain coastal counties of Florida and Texas is included in the settlement and is due compensation if it can show the required dip/rebound in its monthly statements.
Industries Contemplated under the BP Settlement Agreement:
BP Oil Spill Economic and Property Damages Settlement may compensate people and/or businesses who suffered economic or property damage as a result of the BP Deepwater Horizon explosion and oil spill. Damages suffered in any of the following categories may be eligible for compensation under the settlement.
- Seafood Compensation – Compensation for commercial fisherman, seafood crew, and seafood vessel owners in the Gulf of Mexico who suffered economic damage as a result of the BP Deepwater Horizon explosion and oil spill.
- Business Economic Loss – Compensation for business entities located in Louisiana, Mississippi, Alabama, and certain counties of Texas and Florida that were negatively impacted by the BP Deepwater Horizon catastrophe.
- Individual Economic Loss – Compensation for individuals who at any time between April 20, 2010 and April 16, 2012, lived in, worked in, were offered and accepted work in, Louisiana, Mississippi, Alabama, or certain counties in Texas and Florida.
- Loss of Subsistence – Compensation for individuals whose normal practice of supplementing their diet, work, or lifestyle with fish and game caught or captured in or along the Gulf of Mexico was diminished or restricted as a result of the BP Deepwater Horizon disaster.
- Vessel Physical Damage – Compensation for damage to vessels caused by the BP Deepwater Horizon oil spill.
- VoO Charter Payment – Compensation for vessels that participated in the Vessel of opportunity program following the BP Deepwater Horizon explosion and oil spill.
- Coastal Real Property Damage – Compensation paid to the owners or lessors of land and/or boat slips within designated portions of the Louisiana, Mississippi, Alabama, and Florida coasts. Compensation is also available for any damage caused to real property as a result of the oil spill clean-up effort.
- Wetlands Real Property Damage – Compensation paid to the owners of wetlands within Louisiana. Compensation is also available for any damage caused to real property as a result of the oil spill clean-up effort.
- Real Property Sales Loss – Compensation for the reduction of the sales price received for residential land sold in 2010 after the BP Deepwater Horizon explosion and oil spill.
“Causation” and Compensation calculation within the BP settlement
The settlement provisions provide a complex set of calculations which must be analyzed within the geographic boundaries and business types and/or real property location. Causation in this instance is defined in the settlement agreement and has a different meaning than normally thought of in the legal arena. The “causation” required is a mathematical means test in some instance, while some businesses and locations require no “causation” as it is provided for in the BP Settlement Agreement
Economic Damage Causation, as applied by this settlement, can be proven by showing that a business’s income was reduced during 2010, and then subsequently rebounded in 2011. In order to prove causation, a business claimant must show a loss in 2010 and subsequent rebound in 2011 during a three consecutive month period called the “benchmark period.”
November 1, 2012, Opt-Out Deadline:
Under the existing terms, November 1, 2011, is the deadline for any claimant to opt-out of the Settlement. If a business, individual, or real property claim is covered by the Settlement, the claimant must opt-out in order to pursue and OPA 1990 claim. Claims that are excluded from the settlement do not have to opt-out.
Any claimant who wants to pursue an OPA claim must file OPA presentment with BP, the responsible party, by the end of 2012 in order to get the claim filed before the statute of limitations runs, which is April 2013. Opting-out of the Settlement and pursuing a claim will require trial on a case-by-case basis. There are different standards for causation and not clearly defined as they are in the current Settlement.
Contact Babcock Partners, LLC to Determine if you have a BP claim
We have a team reviewing hundreds of BP claims and can assist in determining whether you are eligible under the BP Settlement at no cost to you.