This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Pioneer Litigation Funder, LawFinance Group, Announces The Availability Of $50MM For Lawyers Facing Delays On BP Claims

SAN FRANCISCO, Nov. 21, 2013 /PRNewswire/ -- As of October 15, 2013, only 9,513 of 59,247 Business Economic Loss claims filed have been paid.  LawFinance Group announced the availability of a $50MM Funding Facility to support the efforts of attorneys filing client claims who seeks restitution from the BP Oil Spill settlement.  

The 2010 Deepwater Horizon oil spill was the worst oil spill disaster of all time. It devastated the Gulf Coast, both economically and environmentally. On November 8, 2012, BP ( BP PLC ADS (NYSE: BP)) argued before the U.S. District Court in New Orleans that the Settlement Agreement reached was Fair, Reasonable and Adequate. However, BP has used the Appeals process to delay paying claims and has continued to vilify attorneys helping victims to file claims in the Settlement. While there is reason to believe that despite BP's legal maneuvering and delay that most claims will eventually be paid, the question is -- when? 

Fifth Circuit Judge Garza stated to Ted Olson, BP's lead counsel, on the November 4th, "If it doesn't go your way, you'll be back up here again," Alan Zimmerman, Founder and CEO of LawFinance Group said, "I think he was right. From the outside looking in, it appears as though BP changed its attitude towards paying claims after the Justice Department settled the criminal case against BP."

"It appears that BP's massive advertising campaign and threats to Claimants that monies paid out may need to be returned is suppressing claims filings. It is creating fear and doubt about the settlement process," says Sharon Maier, director of LFG's portfolio of Settlement Funding.

The filing deadline originally thought to be April 2014 may or may not be extended. "While we can't stop BP from running full page ads disparaging the legal profession, our capital will go a long way to level the playing field," said Alan Zimmerman. Adding, "Lawyers should also view delays as an opportunity to reach more claimants."

LFG will be celebrating its 20th year in 2014, successfully providing funding to attorneys and claimants for decades.  The Funding Facility is the latest solution by LFG to aid attorneys traversing the imperfect justice system.  Interested lawyers should contact a LFG funding attorney who has extensive knowledge about BP claims.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,751.39 +121.12 0.69%
S&P 500 2,108.57 +15.32 0.73%
NASDAQ 5,111.7330 +22.5270 0.44%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs