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.