Legal-Bay, BP’s settlement funding firm for Gulf of Mexico oil spill claims, has been in contact with foreign hedge fund investors and other financial institutions to raise more capital that will be used to pay out oil spill plaintiffs with larger claims.

The funding firm announced earlier that they had already amassed $10 million for settlement claims and said that they are looking into securing a total of $7 billion.

Chris Janish, Legal-Bay’s chief executive, said that even though the firm had already secured the finances for small claims, they needed assurance that the bigger claims would be satisfied, so they sought hedge fund investors throughout London, Ireland, Spain, Brazil, as well as other countries in South America for “large BP settlement funding in excess of US $1 million.”

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