More than 32,367 individuals and businesses in Alabama have filed claims in a settlement stemming from a class action lawsuit against BP over its 2010 Gulf of Mexico oil spill, but many who might qualify for settlement funds have not yet filed claims. Thousands of Alabama individuals and businesses have filed and their claims are currently in process.
Of the claims filed thus far in Alabama, about 9,600 have been declared eligible and $573 million has been paid. Millions more have been paid to residents of neighboring states as well. In total, 172,000 claims have been filed in five states, and claims administrators have paid out more than $3.5 billion.
Businesses do not have to be located on the Gulf Coast to qualify for payment. In fact, any business in Alabama qualifies. An accounting formula is used to determine if a business lost revenue during the oil spill period. Businesses must demonstrate that their revenue during three consecutive months between May and December of 2010 was 15 percent lower than during a benchmark period from before the oil spill, and that revenue over the same three month period in 2011 was at least 10 percent higher than during the oil spill months. Claims must be accompanied by documents including federal tax returns.
Even if your business was healthy during these time periods, you may still qualify for the settlement.
Claimants must file by April 2014. This seems like a long way into the future, but the close out date is fast approaching.
The BP Deepwater Horizon spill in April of 2010 dumped 5.9 million barrels of oil into the Gulf, more than 17 times the amount of crude that was spilled by the wreck of the Exxon Valdez tanker in 1989.
The attorneys at Pittman, Dutton & Hellums, P.C. are currently investigating BP claims. If you or someone you know, or represent, owns a business in Alabama, Louisiana, Mississippi and certain areas of Florida and Texas, you may qualify for a BP claim payment. Please contact Chris Hellums toll free at 1-866-515-8880 or via email at email@example.com.