Sunday, May 13, 2012

BP Oil Spill Claim Information

The Boteler, Finley & Wolfe web site has been updated to include important information and resources for business owners in Mobile and Baldwin County and Alabama coastal property owners regarding BP oil spill claims. On May 2nd  the proposed class action settlement pending in the Federal District Court in New Orleans was approved. This class settlement will include an estimated pay-out by BP of $7.8 billion dollars to parties impacted by the April 2010 Deepwater Horizon spill. Every business located south of Interstate-10 in Baldwin and Mobile counties is in zone A, B or C of the economic loss geographic area. (Some businesses north of I-10 and east of I-65 are in Zone C) Businesses in those three zones will receive a favorable testing procedure to determine if a claim can be made under the settlement agreement. If the revenue loss testing protocol is met, then there is a presumption that any revenue decline after the oil spill was caused by the disaster.

Knox Boteler of BF&W has been actively involved in the litigation of claims since shortly after the BP oil spill and is now working with area business owners to determine if their business meets the favorable testing protocol under the settlement and evaluating the loss claim value. Knox has developed an integrated spread sheet program to help in the evaluation process. He can work with a business' own accountant or accounting firm to help finalize the necessary financial documents and reports needed for claim submission or we have access to accountants familiar with this process who can help. 

Business loss claims under the class action settlement are being handled on a contingency fee of 15% with a fee reduction available depending on the amount of the claim. A portion of accounting fees related to claim preparation and presentation are recoverable. For more information about the evaluation process for a business revenue loss claim, please contact Knox at knox@bfw-lawyers .   

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