Deepwater Horizon Settlements Payments Slow to StartSeptember 12, 2012
According to a recent article in the Houston Chronicle, thousands of Gulf Coast residents damaged by the 2010 oil spill must decide by November 1, whether to participate in a class action settlement. However, the Chronicle reports that most are not sure what exactly the deal will offer.
According to the Deepwater Horizon Claims Center, about 60,000 businesses and individuals have filed claims for medical or economic damages. Of those, only 3,347, or about 5 percent, have gotten settlement offers since the center opened shop on June 4, 2012. Reportedly, BP and the Plaintiff's Steering Committee agreed in early March to a settlement BP thinks will cost it around $7.8 billion, although there is no price cap on the settlement. Reportedly, the settlement provides specific monetary amounts for different categories of damage, but amounts can vary depending on the information and assumptions included in the calculations. According to claims administrators, they hope to issue settlement offers or denials on 30 percent of the claims by Oct. 1.
According to the Chronicle, the Plaintiff's Steering Committee had no comment on the progress of the payout, but BP stated that the process is moving forward. However, some critics of the settlement say that Deepwater Horizon Claims center has made little improvement over the old Gulf Coast Claims Facility, which had a reputation for being slow.
Sources say the U.S. District Judge who is overseeing litigation arising from the spill, tentatively has approved the settlement and has set a hearing for Nov. 8 to hear testimony before making a final decision. Sources say the settlement does not resolve government complaints against BP.
According to the Claims Center, incomplete claims are further complicating the process, with as many as 40 percent of the claims missing essential documents.
If you have a potential claim in the Deepwater Horizon Settlement from a medical condition or economic loss, contact the Amaro Law Firm for a free and private consultation at 1-877-892-2797.