BP Settlement Program Surpasses $2 Billion in Payments

The Deepwater Horizon Claims Center has now paid out more than $2 billion to businesses and individuals who lost revenue as a result of the 2010 oil spill, according to court-appointed claims administrator Patrick Juneau.

163,175 claims have been submitted to the Program to date. 31,365 claims have been paid for a total of $2,087,864,065. Another 8,500 claimants have received payment offers, which bring the total paid or offered to $3,168,129,427 to date. BP has estimated that there are approx. 800,000 potential claimants. Florida accounts for about a fifth of the $2 billion paid in the five Gulf Coast states to date.

Nearly 40% of claims received by the Program are being deemed incomplete, which puts claimants at risk for being denied payment for claims that would otherwise be valid.

“This is a complex process where legal counsel is very important. The process includes not only filing within a class action settlement, but also potentially an appeal and negotiation phase,” said Hank Didier, founding partner of Economic Recovery Group, a law firm dedicated solely to representing clients with BP claims.

“Businesses and individuals are seeing the clock tick and know that time is of the essence to be evaluated and file a claim,” Didier continued. The current deadline to file a claim is April 22, 2014.

BP is awaiting an answer to the appeal it filed, arguing that the Claims Center is misinterpreting the settlement terms and processing Business Economic Loss claims (“BEL Claims”) in a manner that is contrary to the terms of the Agreement. “BP agreed to the Settlement Program and the Judge has upheld every aspect of it to date, so we do not anticipate significant changes, if any at all, to the Program.”

Economic Recovery Group (ERG) is a full-service law firm that assists Florida businesses and professionals with BP Settlement claims. For more information, visit ERGLawFirm.com, or contact Allison Didier, APR at (888) 270-6288 or Allison@ERGLawFirm.com.

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