BP asks for reassessment of 2012 settlement terms
Posted on Tuesday, July 9th, 2013 at 3:40 pm by Williams Hart | Updated: Friday, April 19th, 2019 at 11:05 am
BP has been constantly complaining this year that claims administrator Patrick Juneau has been misinterpreting the terms of a 2012 settlement reached between the company and a class of claimants. Its latest attempt to review Juneau’s payouts will be heard on Monday, July 15, by an appeals court.
Under the terms of the settlement reached last year, a business will be eligible for an economic loss claim by showing proof of decreased revenue, higher expenses, or both during and/or after the oil spill, as compared with other periods.
BP said that in case of erroneous payouts, they are at a disadvantage; after all, the nature of the payments, unlike other future costs, would be “impossible” to recover through litigation.
BP has $1.7 billion left in the $20 billion pot it has set aside for paying a total of $8.2 billion of business economic loss and other compensation claims.
If you lost property or sustained other damages in the Gulf of Mexico oil spill caused by London-based multinational oil and gas company BP, get help from our attorneys at Williams Hart in filing your claim. Schedule a consultation with our team by dialing (800) 220-9341 today.