Uplift Legal Funding provides settlement loans on settled BP Oil Spill Claims. Even if you have a settled claim, it can take months to be paid out. Uplift can help you in the interim. Our settlement loans and pre-settlement funding help plaintiffs get back on their feet.
2010 BP Oil Spill
In 2010, a deadly BP disaster in the Gulf of Mexico resulted in the deaths of 11 people and significantly disrupted the local economy of the region. Also called the Deepwater Horizon Oil Spill, the BP Oil Spill was the largest oil spill in history.
A judge would later find that this worst oil spill in the nation’s history was due to the “gross negligence” and “willful misconduct” of BP. After years of litigation, a $20 billion settlement was put in place to compensate both the individuals and businesses negatively affected by the oil spill.
Reports say that BP has put aside $54 billion to pay over 16 years. This will cover settlement claims as well as other costs as a result of the disaster.
Unfortunately, many plaintiffs will not see their payout anytime soon, even if their claim has been settled. Administering a 1,000 page program has proven to be rather difficult. Settlement loans can help. Continue reading to learn more about the BP settlement and settlement loans.
BP Claim Settlement Numbers
Plaintiffs who have filed a BP claim know firsthand the difficulties of obtaining a payout. Policy 495 was implemented to require Claim Administration to maintain professional judgement when determining the validity of a profit and loss statement provided by a claimant. While Policy 495 had the good intention of keeping both sides honest, it has resulted in the delay of payouts.
The following are principal payouts:
- $5.5 billion civil penalty to the United States under the Clean Water Act – payable over 15 years
- $7.1 billion to the United States and 5 Gulf Coast States for Natural Resource Damages – payable over 15 years
- $1.0 billion committed for early restoration towards NRD
- $232 million added to NRD interest payment to cover unknown damages
- $4.9 billion to settle economic and other claims made by 5 Gulf Coast states – payable over 18 years
- $1.0 billion to resolve claims made by 400 local government entities
BP Oil Spill Settlement Loans
Here at Uplift Legal Funding, we aim to help those affected by the BP oil spill. Claimants face lost wages, loss of business profits, business and property damage and the physical inability to work and provide an income. If you are a claimant and are in need of financial relief while you wait for your settlement, we can help.