Does Your Business Qualify for Settlement Funds?
British Petroleum ("BP") has reached a preliminary settlement of the class action lawsuit related to the 2010 Deep Water Horizon oil spill in the Gulf of Mexico. As part of the settlement, ANY business which operates in ANY part of Louisiana, Mississippi, Alabama (regardless of how far away from the coast they may be) or along the Florida gulf coast may submit a claim. The business does not have to be headquartered in one of those states -- it only has to operate in one or more of those states.
To qualify for settlement funds, a claimant generally must show that it suffered at least a 15% decrease in revenue for three or more consecutive months between May and December 2010, compared to the same three or more consecutive months in (i) May through December 2009; or (ii) an average of the same three months in 2009, 2008 and 2007. The claimant must then show at least a 10% rebound in its performance over the same three-month period in 2011 compared to 2010.
If a claimant can show those elements, it may be able to share in the settlement funds.
While certain industries (such as real estate development, financial institutions, the gaming industry and insurance companies) are excluded from the settlement, the vast majority of industries are included. If you think your business may qualify for settlement funds from the BP settlement, please contact John Lockett who will be happy to discuss and evaluate your claim.