The Court-Supervised Claims Facility continues to ramp up processing of payments since its June debut earlier this year. Since that time, thousands of claimants have stepped forward to assert losses under the oil spill settlement. As of this writing, more than 70,000 claims have been fully completed and submitted to the Claims Center for compensation, and more than 10,000 additional claims have been started.
The Claims Center issued its first claim determination notices on July 15, and thereafter disbursed its first payments on July 31. Of the nearly 9,000 claimants that have been informed they are eligible to receive payments, 6,460 claimants have agreed to accept payments, totaling nearly $500 million. Interestingly, claims filing is flowing in consistently, which is a great indicator of confidence in the Facility. We expect claim filings to continue to rise, and payments to increase, as the Facility continues to become more efficient in its handling and payment of claims.
The oil spill settlement also provides many avenues of recovery, and the Facility’s numbers reflect the diversity of claims available to claimants. Of the total claims submitted, 32% are for Individual Economic Loss, 22% are for Business Economic Loss, 12% are Coastal Real Property claims, and 10% are submitted under the Seafood Compensation Program. Moreover, the Facility continues to work with claimants each day to shore up deficiencies in claims. By shoring up these deficiencies, the Facility many times ensures that the claimant receives maximum compensation under the settlement.
Considering that the Claims Center is a little more than four months old, this settlement is already shaping up to be a great success. As we reported previously, the fairness hearing is scheduled for November 8, 2012, before Judge Barbier in the Eastern District of Louisiana. The Court will consider arguments regarding the fairness of both the economic and medical settlements before deciding whether to grant final approval. We believe the settlements will receive the Court’s approval, as they are fair, transparent and offer significant compensation to those affected by the spill. Indeed, we are finding very few instances where the settlement would provide less than litigation would for the vast majority of claimants throughout the Gulf Coast.
Lawyers in our firm continue to review hundreds of new business cases every week. Any business in any part of Alabama, Louisiana, Mississippi, the Florida Panhandle and the western-most Florida counties down to Key West, and the four eastern-most counties of Texas, could have a claim in the oil spill settlement. If you have any questions about the settlement, or would like to talk to someone in our firm about presenting a claim, contact Parker Miller, at 800-898-2034 or Parker.Miller@beasleyallen.com.
Contact us today for a free legal consultation with an experienced attorney.
Fields marked *may be required for submission.
If you would like to subscribe to the Jere Beasley Report digital edition, simply visit our Subscriptions page and provide the necessary information or call us at 800-898-2034.
Attorney Advertising - Prior results do not guarantee a similar outcome.