British Petroleum ("BP") has reached a preliminary
settlement of the class action lawsuit related to the 2010 Deep
Water Horizon oil spill in the Gulf of Mexico. As part of the
settlement, ANY business which operates in ANY part of Louisiana,
Mississippi, Alabama (regardless of how far away from the coast
they may be) or along the Florida gulf coast may submit a
claim. The business does not have to be headquartered in one
of those states -- it only has to operate in one or more of those
states.
To qualify for settlement funds, a claimant generally must show
that it suffered at least a 15% decrease in revenue for
three or more consecutive months between May and December 2010,
compared to the same three or more consecutive months in (i) May
through December 2009; or (ii) an average of the same three months
in 2009, 2008 and 2007. The claimant must then show at least a
10% rebound in its performance over the same three-month period in
2011 compared to 2010.
If a claimant can show those elements, it may be able to
share in the settlement funds.
While certain industries (such as real estate development,
financial institutions, the gaming industry and insurance
companies) are excluded from the settlement, the vast majority
of industries are included. If you think your business may
qualify for settlement funds from the BP settlement, please contact
John Lockett who will be happy to discuss and evaluate your
claim.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
