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BP Compensation News
- Over 150 Claims Found Eligible and Paid
- Multiple Incompleteness Denials Overturned
- Focusing on the New Accounting Rules
- Overwhelming Majority of Appeals Won
- Millions Recovered from BP
Businesses CAN Recover Compensation
Even under the new rules released May 5, 2014, the BP Settlement Fund still offers a unique opportunity for businesses to recover significant compensation. If your business lost money in 2010. The BP Settlement Fund pays up to 3.5 X your losses.
If your business made money in 2010 but not as much as you should have, the new BP Settlement Fund can pay up to 3.5 times what you should have made.
All Businesses in Louisiana, Mississippi, Alabama and the Gulf Coast areas of Florida whose revenue decreased from 2009 to 2010 may be eligible. If there was a decrease in your revenue or in your potential revenue from 2009 to 2010, then you qualify even if your business was profitable.
How it Works
To compensate businesses for a decrease in what they should have made if there had not been a BP oil spill, the risk of oil returning, future losses, the lost value of money and other potential damages, a business' 2010 loss is multiplied by up to 2.5 times in calculating the loss. For example, if your revenue declined by $100K in 2010, the total recoverable amount could be up to $350K. ($100k plus $250k)
BP Policy 495
A federal judge has approved a new method of calculating BP oil spill payments for businesses.
The change affects thousands of businesses and means that related revenues and expenses will be matched, instead of just comparing the business’ revenues and expenses in a three-month period before the spill with the same three-month span after the spill.
The new matching policy is 80 pages long, and implementing it will involve complicated changes to software. We have had these changes in place since first learning of the proposed change several months ago, and now that it is official, we are prepared to use our experience to maximize your claim or fight for your eligibility under the accounting.
If you have a business claim filed, or one already under review, it is important to know what your claim is actually worth under the new program so that you aren’t under-compensated or denied.
- There are new rules governing accounting for losses
- The change effects thousands of businesses
- Revenues must now be matched to their related expenses.
- It may increase, lower or eliminate the compensation you were expecting.
- If you have a business claim, contact us about the revenue matching test.
Loss Not Caused by the Spill / Inland Claims
Even if you do not believe that your decline in revenues was directly caused by the oil spill, you are still eligible. Economists and experts have proven that because of the wide-ranging economic affect of the BP Spill on the Gulf Coast, almost all businesses in the area were negatively impacted. The settlement compensation program was therefore created to cover all businesses on the coast and hundreds of miles inland. As a result, if your 2010 revenue is less than in 2009 or not what you expected it to be — your business qualifies.
Non Coastal Businesses Qualify
More than 16,000 Businesses filed in just the first four months of the new Settlement Fund, and less than 20% of those businesses were in immediate Coastal areas. If your competitors are filing claims you should too. Claims are paid on a first in first out basis, so please act now.
Call us at 1-800-379-4033 For a Free Consultation or request a Free BP Settlement Packet by completing this form.
Costs and Fees
Our firm currently represents hundreds of business across the Gulf Coast. We do not charge up-front fees and there are no out of pocket expenses for our clients. We work on a contingency-fee basis, which means that we only earn a percentage of what we recover for you. This means you have nothing to lose if we are not successful.
Click here for help with your BP Claims Appeal, Denial or Incompleteness Notice.