Multi-District Litigation (MDL) Settlement
New Claims Can Still Be Filed
On March 2, 2012 BP and Plaintiffs` Counsel reached a tentative settlement agreement. On April 18, 2012 the proposed settlement was submitted to the court for approval. The written proposed agreement is now available for the first time. It can be found online at the court`s website at http://www.laed.uscourts.gov/OilSpill/OilSpill.htm
Some important details are now known:
1. Businesses and individuals who have never filed claims or participated in the Multi-District Litigation can still file claims. Any GCCF claimant who has not signed a release can participate in the settlement process.
2. The GCCF (Gulf Coast Claims Facility) will be eliminated. It is being replaced by a Court Supervised Claims Program. That program should be fully implemented and operational in about 30 days.
3. Generally speaking, claimants will be paid a multiple of their lost profits suffered from May through December 2010. The multiplier used depends on the geographic "zone" of the claimant. It appears that Cedar Key is in the A zone. That means that all lost profits from May through December are presumed to be because of the oil spill. Zone A is in the zone with the greatest multiplier. The multipliers vary as per the type of business or industry.
4. It is believed that the new claims program will provide, for most claimants, larger final payments than those available in the GCCF.
Local attorneys Terry Tataru (352-543-6090) and John Cook (352-493-9797) are available to answer questions regarding the new Court Supervised Claims Program, the formulas that will be used and the documents necessary to determine a claim`s value.