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 Kherkher 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 Kherkher can help. Call 800-821-1544 today to find out what we can do to help you through this process.

 





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