Here are the important parts of the BP Settlement reach today with the attorneys.
So the BP settlement has NO CAP on money being paid by BP but BP estimates it will cost them 7.8 Billion dollars.
BP estimate is just some BS they have to tell their shareholder for their stock price to go up. They really don’t know what claims are out there and how much its going to cost them.
It could cost BP 30 billion dollars, they don’t know.
THIS IS VERY GOOD NEWS FOR EVERYBODY WITH A BP CLAIMS NOT PAID YET
BP settlement | What Does It Mean To You?
To you it means that your claim would be presented to the courts and the courts would have a transparent system in place to evaluate each claim in a timely manner. No more BS from the GCCF.
The attorney steering committee said: “This settlement will provide a full measure of compensation to hundreds of thousands — in a transparent and expeditious manner under rigorous judicial oversight.”
Now this should not take away the right for people with BP claims to sue BP for the losses if the BP settlement offer is not what they want.
Now as I wrote about in my BP settlement Post yesterday Ken Feinberg came out with information about the 120,000 clients the Attorney steering commitee said they had and from his reporting it sounds like they only have about 10,000 – 20,000 clients if that.
So it will be their job to go to the other attorneys to see if they can get some of their claims in to this BP settlement. They would have to find about 90,000 to 100,000 BP claims out there to make the money that BP has committed to this settlement worth it for BP.
Again with NO Cap on this settlement if the multiplier is right on the settlement offers they could get most of the claims out there settled though this court settlement process.
To get all these extra clients in to the BP settlement they would have to offer some good money for the other attorneys to come to them with the clients. Also they would have to make it a little easier for people to get paid, so less documentation and faster payment.
That will mean everybody that are represented by an attorney can select to go to the BP settlement with the courts.
Now if you are already with an attorney you are good to go wait for the BP settlement offer to get presented to you. If you don’t have an attorney yet fill out the form on the right hand side and get started with you claim now.
What will happen with claims at the GCCF?
First off the GCCF will get to conclude any negotiations that are already happening with claims they are working on, this would probably mean they would stay in business for the next few month but after that the GCCF would close down. If you have a claim at the GCCF and get it back not paid you would probably not be able to refile it with them. The GCCF would most likely shut down for new claims to be processed by them.
If you don’t have an attorney you have to find one now.
How Do I Get My Share Of The BP Settlement ?
First off just because there is a BP settlement you would still have to provide documentation on your claim and your claim would still have to pass the attorneys approval.
What you would have to do if you don’t have an attorney is fill out the claim form on the right hand side, after you hit submit it will take you to an attorney page where you have to fill out more information about your claim and ask for their representation.
Just because you fill a request for attorney representation out does not mean the attorneys will take your case. It just means they will review you BP claim and hopefully take your case and help you get your share of the BP settlement.
You have to be represented by an Attorney to get your share of the BP settlement