Alert for Attorneys and CPA's
You and Your Clients May Be Eligible for BP Settlement Funds
$7.8 Billion Legal Settlement With BP
The money is flowing in for businesses and firms adversely affected by the 2010 BP Deepwater Horizon oil spill in the Gulf of Mexico. The financial payments are the result of a class action lawsuit brought against British Petroleum (BP) that was recently settled in a Louisiana court*. Per the Economic and Property Damages Settlement, BP has agreed to compensate businesses, nonprofits and individuals if they meet the geographical and financial criteria.
The $7.8 billion class action settlement makes most businesses in a five-state area—not just those on or near the coast, or affiliated with tourism—potentially eligible for compensation. The settlement coverage area, or Economic Loss Zone, encompasses all of Louisiana, Mississippi, and Alabama, and the coastal counties of Texas and Florida.
"Businesses have no idea that they have a valid claim," said John Pawlak, CEO of ClaimsComp Inc., a claims recovery funds company. "And there are billions of dollars just waiting to be claimed."
* U.S. District Court, Eastern District of Louisiana, Case: MDL-2179 Oil Spill by the Oil Rig "Deepwater Horizon." On Dec. 21, 2012, the Court gave final approval of the Economic and Property Damages Settlement.
Opportunity for Attorneys and CPA's
Too busy with tax season or case load? Need an expert partner to process BP settlement claims for you and your clients? If so, then attorneys, CPAs, insurance brokers, and financial consultants should participate in the ClaimsComp Referral Partner Program. The program is designed for your firm or business to develop another source of income, while serving your clients, and avoiding the pain and time of filing claims.
ClaimsComp Inc. specializes in the recovery of funds from settled class action lawsuits for businesses, nonprofit organizations, and individuals. Our experienced team has helped more than 180,000 people over the past 15 years, and has recovered more than $240 million in class action claims.
Let ClaimsComp serve as your partner in handling all of the complex claims processing work required to file a claim in the BP settlement. ClaimsComp has developed a unique, risk-free claims process that allows professional firms to focus on their core business, while ClaimsComp concentrates on claims production and the recovery of settlement funds. Align with ClaimsComp today and seize the opportunity to potentially receive monetary compensation for your firm and your clients.
Location Matters In Economic Loss Zone
- If your business was physically located in Zone A during the time period of April 20, 2010 to April 16, 2012, economic damage is presumed. If you had loss revenue during the specified time, your business is eligible to file an economic loss claim.
- If your business was physically located in Zones B, C, or D during the time period above, you will need to show economic loss by a specific calculation of revenue or wages versus a benchmark period to prove causation, or liability. If a business establishes causation, it is eligible to file an economic loss claim.
Businesses do not have to prove that economic losses were caused directly by the oil spill. In most cases, causation is presumed based on location. The average economic loss claim for businesses is $225,000.
Claims Process Is Complex And Challenging
For any BP Deepwater Horizon claim, Claims Comp. will complete and submit all relevant claim forms, run financial tests, assess direct or indirect consequences, and choose benchmark periods to maximize the claim.
Moreover, ClaimsComp will determine the appropriate Risk Transfer Premium, which allows for multipliers that account for future potential losses and claims. ClaimsComp is compensated only when you are by earning a reasonable commission on settlement funds.