On Tuesday, Feb. 5, 2013, Deepwater Horizon Claims Administrator Patrick A. Juneau announced that, as of Friday, Feb. 1, 2013, the Court-Supervised Settlement Program for the Economic and Property Damages Settlement had sent more than $2 billion in eligibility notices to oil spill victims.
BP has estimated that it will pay roughly $7.8 billion to resolve more than 100,000 claims related to the oil spill, but there is no cap on the amount BP must pay.
"The court-supervised settlement was designed to provide justice to all of those hurt by the 2010 Deepwater Horizon disaster," said Motley Rice co-founder, PSC member and settlement negotiator, Joe Rice. "Reaching $2 billion in eligibility notices is significant news for those in the Gulf Coast area, but there is still more work to be done. The settlement takes into account that all businesses in the Gulf Coast region have ties to the Gulf waters in some way and were affected. Many businesses owners with potentially eligible claims still remain and need to evaluate their losses to ensure that they're fully fairly compensated."
Rice added, "I think the payments are a little higher than BP estimated but are consistent with the anticipated payments. There are hundreds of business interests that need to review their rights under the settlement. I hope BP stands by its commitment to the people of the Gulf Coast and does not ask to change the agreement."
On Dec. 21, 2012, District Court Judge Carl Barbier entered an Order and Judgment Granting Final Approval of the Economic and Property Damages Settlement, the largest class action settlement in U.S. history. On Jan. 11, 2013, he entered an Order and Judgment Granting Final Approval of the Medical Benefits Settlement. Both settlements were reached between BP and the Plaintiffs' Steering Committee in the BP Deepwater Horizon litigation.
If you believe you could have an eligible claim, visit the Plaintiffs' Steering Committee's website or contact Motley Rice attorney Joe Rice.