The court hearings on the compensation of many business firms which claimed to have suffered economic losses due to the oil spill in the Gulf of Mexico in April of 2010 still seem endless. The bad news is, the statute of limitation on matters relating to compensation, was set by the Oil Pollution Act to three years: it is almost five years now since the spill happened.
In 2012 British Petroleum (BP) signed a settlement agreement which would pay businesses for their losses due to the spill. Since then, BP has already paid as much as $2.3 billion in settlement claims. The giant oil firm, however, argues that the agreement has fallen to misinterpretation, for instead of requiring the businesses to first prove the connection of their financial losses to the spill, Patrick Juneau, the court-appointed administrator of the settlement fund, already recognized a claim as authentic so long as the business is able to show smaller earnings during the months that immediately followed the spill. Arguing along this line, BP may definitely have a point; the courts, however, did not recognize BP’s argument, rejecting the successive appeals it filed instead, the last one on the 4th quarter of 2014.
These appeals are seen as BP’s means of delaying payment or from keeping itself from paying what it believes are fraudulent claims, but recognized and approved by Juneau still. In an article posted on the website of the Williams Kherkher law firm, says that BP also negotiated in the agreement the right to appeal claims that exceeded $25,000.
The $2.3 billion that BP has already paid is just a quarter of the $7.8 billion that the oil company prepared to compensate individual and business claimants. But due to the appeals, payments have been stalled, forcing claimants to bear an indefinite waiting period. The long wait, however, has already resulted to some businesses closing down or declaring bankruptcy, but still with no foreseeable date when their claims will finally be settled.
Waiting is an option, but so is seeking the help of a truly dependable claims settlement lawyer, who can help speed up payment of claims.Read More