Everything You Should Know About The BP Settlement

NEWS ALERT: BP Settlement Details April 18 2012

BP Settlement

BP Settlement

The BP settlement is very different from the GCCF process, that is very important to understand. This will not be a processed that nobody understands that pays money to random people because their number came up that day. The BP Settlement will be run by local people and be over seen by the courts. The BP settlement will have a clean transparent calculation formula that people hopefully can understand and the best thing of all it will not be run by BP.

I will list the negative points and positive points about the BP settlement starting with the negative as those are really most important. If things are great everybody are happy with things are bad lets know about that first.

Negative points about the BP Settlement

  • If you Opt. In you cannot Opt. Out again. (You get a bad settlement offer and you only got appeal to a judge as your only option)
  • The BP Settlement does nothing for people in the oil industry (Moratorium, deep water drilling, pipe manufactures etc.
  • The Settlement off is final. I am saying it one more time. Don’t Opt. In with out listing to the advice of your attorney.
  • The BP Settlement does not do enough to address the real sick people from the BP oil spill
  • The BP settlement does not address (as far as I know) the Quick Pays wrongfully passed out in the Seafood harvest industry
  • VOO pay counts against economic losses, where BP promised captains it would not.

I want to touch a little more on one point, the Opt in is final. It would be like you sign away your rights to sue before you got an offer or no offer from the GCCF. It sounds so incredible that you have to Opt. in before you get to know if they are going to offer you anything. That however is how a class action settlement works, so please please take the advice from your attorney on what to do or you will be burned in this thing.

BP Settlement

Positive points about the BP Settlement

  • If you are in the tourist industry or seafood industry you are golden and the multipliers sounds reasonable for most
  • The oil spill is the cause of your losses in tourist and seafood industry no reason to prove it.
  • Denied GCCF claims can and should file in the BP settlement. (Talk to your attorney about your denial)
  • Causation denied claims should file again in BP Settlement (Again listen to your attorney)
  • VOO claims get 26 days extra pay even if they only worked for 1 day.
  • Beach clean up people that got sick gets a little something
  • 21 years of medical monitoring if your kids where sick from the oil spill. Fill a claim for them.
  • People selling their house, condo, land during the oil spill in affected areas gets 12.5% on their selling price
  • Residents affected by the oil spill gets to file a loss of use and enjoyment claim.
  • Subsistence claims gets taken serious even if the max is $10,000
  • Almost double the amount of money compared to the GCCF. Get multipliers for most.

As you can see I am generally positive about the BP settlement, as there is a lot of great stuff in the proposal that people would really like and it will get many people to file their claims again this time with an attorney to get a fair settlement offer.

I will again stress as I did back in December 2010 when the GCCF came up with the Quick Pay plan, do not Opt. in to the BP settlement with out taking the advice of your attorney. I am not an attorney and you should always have your attorney give you the final advice on the BP settlement. I will tell you everything that I know about the settlement and take groups of people in groups and say that I think something is good or bad. Every claim however is different and there might be something in your claim that will make it fit or not fit the BP settlement and that is what your attorney will help you with.

Denied By The GCCF ? Look At The BP Settlement

So in the GCCF system there where 2 ways you could get denied, first where for no loss in 2010, and second way was for causation. We call them single denials or double denials. Now the beauty about the BP settlement is this, you can take the worst month of 2010 and use them to compare with the same month in 2009. So if before you could not show a loss in 2010, because you went out and got another job or did something else to bring money to the house hold. Now what you would do is take the 3 worst month in 2010 compare that with 2009 and boom you have a loss.

This proposed calculation of losses where done so people that went out an mitigated their losses by doing some other work, do not get penalized for doing so, under the GCCF they did. The BP settlement lets you say, these 3 month where really bad, compare them to the year before and you will understand my loss. Its very nice and should be easy to do.

So now that the first group of denials are taken care of lets look at the second groups of denials. The people that did not prove to BP and the GCCF that their losses where caused by the oil spill. In the proposed BP settlement everybody within 1/2 mile from the water has gotten causation approved (it was the oil spill) don’t even have to prove it in the affected area. If you are in the tourist and seafood industry again you could be a little bit further away from the beach and the causation would still not have to be proven by you it was given. This makes a whole other denials from the GCCF process eligible for the BP settlement.

Oil Spill Residents Affected By The BP Settlement

There is lots of stuff in the proposed BP settlement that is directed to the people that live on the gulf, as we are the people that has really suffered the greatest. All the night flights of Corexit that they used to dump on the oil, you wake up the next morning and your eyes are running and you can’t breath. All the BP clean up workers trying to help BP while getting sick from working on the clean up. All the beaches that could not be used while the clean up was going on. All the vacation spots that where left empty because of the stigma of the oil spill. I would incorporate most of Florida if not all of it on that account I blame the media for keeping tourist out of Key West for the summer. For all the stuff that happened in 2010 the residents can file for health problems, loss of use and enjoyment and for lost rentals, oil on land claims, diminished selling prices and lost more.

The gulf coast residents are being included as they should in the BP settlement and I am very glad to see that, our main industry tourist and seafood are being taken care of, and the health issues are being somewhat addressed even if its still not enough.

Converting A BP Claim To The BP Settlement

The news is telling you that any claim in the GCCF will go directly over to the BP settlement, and that the process will happen automatic. Now this is where you should say stop and think about what is going on with your BP claim. Let me say it again, the BP class settlement is final, so you Opt. In to the class and you at the same time Opt. out of suing BP. Before they automatic transfere your claim from the GCCF to the BP settlement make sure that you get an attorney and talk to them about the best way for your BP claim to go. Should it go to the BP settlement, and if so how many different claims do you have to go after. Do not expect the GCCF or the BP settlement process to just tell you to file for other claims, its sounds good but its not that good. Have your attorney advice you on the different options you have and different claims they need to file for on your behalf. Make sure that you file for every single claim you have and your kids might have (21 year medical monitoring) make sure that you include any other family claims that you might have. The attorneys will know all the different claims that can be file with the BP settlement process and take their advice when they work up your case.

BP Settlement

Recommended Reading

BP VOO Claims