Victims of the largest oil spill in US history will have some tough choices to make come November 23 2010, when the oil spill fund opens up for a one time BP final settlement on victims BP claims. The BP final settlement would take away people right to sue for future looses due to the BP oil spill in exchange for a larger sums of money today.
BP Final Settlement
November 23 2010 is also the deadline for the 6 month Emergency Claim that most people have filled for to get their BP claims, this BP claim form will stop and a new 3 month Temporary BP claim for 3 month payments will take over and run for another 3 years.
It is Mr. Feinbergs hope he told people Yesterday that people will take the BP Final Settlement option to avoid lawsuits and give people the piece of mind to put this oil spill damage behind them.
BP Final Settlement should be high !
Mr. Feinberg said he would propose final settlement payments high enough to be more attractive for victims, so fewer people select to go the long road with years of litigation and legal fees. We know that if somebody wants to sue and not take the final settlement from BP attorney’s are ready with a No Pay No Cure option that would cost victims nothing upfront and only something off the backend when the lawsuit was over and money was received. The numbers I have seen for an attorney taking your oil spill claim to trial is 20-25% of the amount won at trial.
In the past 8 weeks, 275,000 BP Claims where filed with the oil spill fund and 90,000 of these BP claims where paid, totaling $ 1,7 Billion, the fund has a total of 3 billion right now to give out with another 2 billion coming into the fund in December 2010.
Feinberg Pushing BP Final Settlement on people
Mr. Feinberg also said the following Yesterday, “If people give me documentation with their BP claim, I will bend over backwards to find them eligible and pay them their BP claim” I think for many this are really good news, now its just getting your BP claim filed and give them enough documentation for them to approve it.
When it comes to the BP final settlement we would have to wait and see at what numbers the oil spill fund are going to offer people before we can judge where it will go from there.