In April, BP caused the worst oil spill in America’s history. Florida, Louisiana and other states affected by the disaster are still dealing with the aftermath of the crisis.
While BP assures us that oil is no longer gushing into the Gulf of Mexico, experts estimate that cleaning up and rebuilding can take months or years to complete.
Days ago, President Obama and VP, Joe Biden, met with BP officials at the White House to discuss ongoing cleanup efforts and damages caused by the oil spill.
The meeting concluded with BP agreeing to create a fund to cover the numerous claims the company face.
“BP PLC said Wednesday it will create a $20 billion fund over the next three years to satisfy “legitimate claims†for damages caused by the Deepwater Horizon oil spill.
The payments will be broken out in installments of $3 billion in the third quarter and $2 billion in the fourth quarter. They will be followed by a payment of $1.25 billion per quarter until a total of $20 billion is reached.”
Investigation of BP’s Claims Process
Since the April 20 spill, an estimated $600 million in claims have been filed by businesses and individuals that have been affected by the disaster.
However, according to a report released by the House Judiciary Committee, in the two months since the spill BP has paid only $70 million – which is approximately 12% of all claims.
No payments were made on claims submitted during the first two weeks of the crisis. More than 700 bodily injury claims have been filed and are still pending payment.
The Committee is investigating BP’s claims process and its effectiveness in issuing payouts to folks and business that have been damaged by the spill.
You can monitor the claims process on the House Judiciary Committee’s website here.
While many remain skeptical of BP’s intentions (and rightfully so), the agreement to create a $20 billion fund is a step in the right direction for those affected most by the disaster.
Has your Florida small business or corporation been hurt by the Deepwater Horizon oil spill? Contact our business law attorneys to get help handling the claims process. You can use this form to email or call us at (954) 779-7009.
Related articles:
Tags: BP, business, Oil Spill, South Florida
