Gulf Coast Goldmine
Nonprofits Recover Losses From BP Settlement Funds
$7.8 billion class action settlement with BP
The money is flowing in for businesses and nonprofit organizations 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 and nonprofit organizations 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.
"Most nonprofits 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.
Location Matters In Economic Loss Zone
- If your nonprofit 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 or less giving during the specified time, your nonprofit is eligible to file an economic loss claim.
- If your nonprofit 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 nonprofit establishes causation, it is eligible to file an economic loss claim.
Nonprofits 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 nonprofit organizations is $55,000.
Recover Your Losses Now
ClaimsComp Can File A Claim For Your Nonprofit Organization
For any BP Deepwater Horizon claim, ClaimsComp will complete and submit all relevant claim forms, run financial tests, assess direct and indirect consequences, and choose a benchmark period to maximize the claim. There’s no risk or cost involved to see if your business qualifies for a claim. Please contact ClaimsComp today for a free evaluation.