BP New Settlement - Take Note - Rockport/Fulton Residence
Posted in the Rockport Forum
#1 Jun 1, 2012
Who keeping you informed?
The New Settlement - What's Changed?
On March 2, 2012, the eve of a federal trial, BP agreed to a class action settlement of certain BP Oil Spill related claims with the Plaintiffs Steering Committee, which represented the interests of affected individuals and businesses throughout the Gulf Region in pending litigation. Although the settlement does not resolve all claims, it is a major first step towards that objective.
The settlement ushers in certain major changes to the oil spill compensation-recovery landscape. First, Kenneth Feinberg, who oversaw the claims administration process through the Gulf Coast Claims Facility (GCCF) will be relieved of his position. Second, the GCCF itself will be dissolved.
The GCCF will be replaced by court-supervised claims process that we hope and expect to be more even-handedly administered and more favorable to claimants. The final details of this process have not been released. However, according to the settlement, the amount of each claimants recovery will depend on the amount of the claimants losses, and the location of the business or individual.
Under the terms of the new settlement, the following three groups will be able to recover:
Economic Loss Claims - Individuals and businesses that suffered financial losses from the oil spill will be compensated within a framework intended to encompass all economic losses reasonably related to the spill.
Medical Benefits - Gulf Coast residents and clean-up workers who suffered acute or chronic illnesses from their exposure to oil and chemical dispersants in the weeks and months after the oil spill will be able to recover for their injuries. Residents in the coastal wetlands areas of Louisiana, Mississippi, Alabama and the Florida Panhandle will be compensated for a broad range of specific medical conditions such as respiratory, skin, stomach, head and headaches, and a host of other ailments.
Affected Property Owners - Property owners and long-term lessees of waterfront properties in the affected coastal and wetlands region are eligible to receive compensation for loss of use and enjoyment of their property.
If the settlement formula does not adequately address your specific claim, you have the option to exclude yourself from the settlement process and continue with your lawsuit. We will review your specific claim to assist you in making that decision. If it is in your best interest to continue suit against BP directly, we are ready to continue that fight.
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