BP talking with hedge funds about financial aid regarding oil spill claims

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.”

Unfortunately, many people and other parties suffered numerous losses as a result of the BP oil spill. In order to feel more secure that you are getting the financial assistance you deserve after this disaster, work with the attorneys from Williams Hart who have proven success in getting clients the insurance coverage and money they need. Call 800-821-1544 today to discuss your needs.

BP attempts to renegotiate pre-arranged business loss claims

Court-embattled BP is beginning to question the way in which the independent claims administrator is interpreting various business damage settlement claims over the 2010 oil spill in the Gulf of Mexico.

According to court administrator Patrick Juneau, BP has notified plaintiffs’ lawyers via email that they are putting business economic loss claims in the categories of agriculture, construction, and professional services on hold.

In April 2012, BP agreed to pay a settlement cost of $7.8 billion to a group of individual parties as compensation for the damages caused by the oil spill. However, cost estimates to cover these damages have recently ballooned to $8.5 billion, prompting this stay on the claims by BP.

U.S. District Judge Carl Babier approved the original claim last December and upheld the new cost estimates last month, saying that the claim is calculated based on a formula that disregards whether the losses were from the spill or were not directly caused by the accident.

Unfortunately, many people with legitimate claims related to the BP oil spill are not being adequately compensated for their losses. Whether you need help with an appeal or an initial claim, our lawyers at Williams Hart can help. Call 800-821-1544 today to find out what we can do to help you through this process.

 

Department of Justice issues biting criticism of BP’s actions

The US Department of Justice (DOJ) lambasted British Petroleum in a brief filed in the same court the oil giant is currently trying to settle civil claims brought against it after the 2010 Deepwater Horizon oil spill disaster.

BP is in the process of settling claims against it from Gulf coast fishermen and tourist destinations who lost a great deal of income as a result of the oil spill. The DOJ’s criticisms could be enough to cause the long-awaited settlement to be rejected in pursuit of a larger one.

The DOJ is seeking BP be punished for acting grossly negligent in the period leading up to and directly after the spill, citing company emails and the its internal investigation following the spill. There is evidence that the company may have been aware something was not right with the well, but continued operations without taking the proper safety measures.

If you have lost business as a result of the 2010 Gulf of Mexico oil spill, contact the oil spill attorneys of Williams Hart at 800-821-1544.

BP oil spill contributed to loss of Louisiana marshes

A University of Florida researcher has published a study that measured the 2010 BP oil spill’s impact on marshlands in Louisiana. The study, published in the Proceedings of the National Academy of Sciences, was funded by a $200,000 grant pulled from a $500 million research fund provided by BP after the spill.

Brian Silliman and his team have been studying the marshes since July of 2010, three months after the spill.  They found that the 45-mile stretch of oil-exposed marshes eroded more rapidly than those that weren’t exposed. Once marshland is lost, it cannot be restored.

The marshes play a vital role in Louisiana’s aquatic ecosystems and fishing industry.

Two years after the accident, the oil spill’s far-reaching consequences may still not be fully understood. If the oil spill has caused you to lose business or has ruined your land, contact the Gulf oil spill property damage lawyers of Williams Hart at 800-821-1544.

US sells oil drilling leases for Gulf of Mexico

The United States auctioned off leases on tracts of land in the Gulf of Mexico to help boost domestic oil production and reduce dependence on oil from foreign sources.

The auction brought in $1.7 billion, with British Petroleum purchasing more than 40 of the available leases. The most expensive single tract went to a Norwegian company for $157 million.

The last time the U.S. auctioned land in the Gulf, the sale brought in $949.3 million. Two months after the auction, one of BP’s offshore oil rigs exploded, causing the biggest oil spill the country has seen.

Many people are still recovering from that spill’s far-reaching effects. If your oil spill insurance claims have been denied, contact the Gulf of Mexico oil spills attorneys of Williams Hart at 800-821-1544.

BP spills oil in Alaska

British Petroleum is cleaning up an oil spill that occurred Monday in Alaska’s Prudhoe Bay.

BP officials state that the spill was contained within an impermeable barrier and say there is no evidence that any crude oil escaped into the environment. The company has faced accusations in the past of not working hard enough to avoid oil spills.

The 4,200-gallon spill of crude oil and water is being cleaned up by vacuum trucks.

Perhaps BP is showing improvement in its spill containment protocols. Nevertheless, their previous blunders have cost people on the Gulf coast a great deal. If you have been adversely affected by the Gulf oil spill, contact the Gulf of Mexico oil spill claims attorneys of Williams Hart at 800-821-1544.

BP oil spill settlement moves forward

Yesterday, U.S. District Judge Carl Barbier preliminarily approved a settlement against BP for the 2010 Gulf oil spill. He will hold a further hearing on November 8 before giving his final approval on the matter.

BP estimates that the proposed settlement will cost the company $7.8 billion. Over 100,000 claims have been filed against BP for various economic losses sustained by people in the area affected by the spill.

The class-action settlement does not include federal or state claims against the company, which are more concerned with the environmental impact of the spill.

If you have suffered losses as a result of the Gulf oil spill, contact the Gulf oil spill claims attorneys of Williams Hart at 800-821-1544.

Shrimp processors protest BP settlement terms

Members of the American Shrimp Processors Association have requested a federal judge to delay his decision on a $2.3 billion settlement with BP for economic damages following the Gulf oil spill. The shrimp processors feel that they are unfairly excluded from the settlement.

The settlement is meant for seafood-related claims. The shrimp processors argue that they play a very important role in the industry and have suffered losses equal to those of shrimping boats that are included in the settlement.

BP will be paying out more than $7 billion to businesses and other groups who suffered adverse effects as a result of its disastrous 2010 oil spill.

If you have suffered economic losses as a direct result of BP’s oil spill, contact the Gulf oil spill claims attorneys of Williams Hart at 800-821-1544.

Former BP engineer arrested for obstruction of justice

Former BP engineer Kurt Mix has been charged with obstruction of justice after deleting hundreds of text messages from his phone that contained important information concerning the 2010 Deepwater Horizon disaster. The company specifically ordered employees to retain all information concerning the oil well, including text messages.

He is the first person to face criminal charges in relation to the BP oil spill.

Mr. Mix is being accused of deleting  important information about the spill’s rate of flow. A precise measurement of the oil that spilled into the ocean is a crucial detail because it determines how much BP will be fined in accordance with the US Clean Water Act.

Mr. Mix was part of a team BP set up to determine how much oil was being drained into the ocean. Mix exchanged texts with one of his supervisors and a contractor during his time on this special internal team.

Of the over 200 texts that were deleted, investigators were able to forensically recover some of them. Recovered texts indicated that the actual amount of oil gushing from the well was much higher than BP’s public reports indicated. One such text put the measurement at over 15,000 barrels a day, while the public report was only 5,000 at the time.

The BP oil disaster had a profound environmental impact on the waters of the Gulf of Mexico. If your life or business has been adversely affected by the Deepwater Horizon spill, contact the Gulf oil spill lawyers of Williams Hart today at 800-821-1544.

Proposed plan given for $7.8 billion BP Gulf oil spill

Officials with BP along with attorneys representing plaintiffs in the case have proposed a plan to discuss the terms of the $7.8 billion Deepwater Horizon rig explosion that caused an oil spill in the Gulf of Mexico.

This plan will resolve the billions of dollars in order to pay out the private party claims that includes more than 100,000 individuals and businesses.

This plan does not resolve the lawsuits that were brought against BP from Gulf states or the federal government. A conference has been set up from May 3 in order to discuss the claims that have not been covered by this plan.

If you or a loved one was denied a claim in the Gulf Oil spill, you need representation on your side during this time that may be able to help you receive the compensation you deserve. Contact the Gulf oil spill lawyers of Williams Hart today by calling 800-821-1544.





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