The BP Oil Spill Settlement, questions answered as to what it means for you

BP Oil Spill from Sequence Media on Vimeo

The Legal Broadcast Network recently interviewed two of the key attorneys in the BP Gulf Coast Oil Spill Settlement, Attorney Frederick "Rick" Kuykendall of Kuykendall & Associates of Fairhope, AL and Attorney Wes Farrell of the firm Farrell & Patel of Miami, FL. Each of these attorneys  cover a wide range of questions and answers on what the BP Gulf Coast Oil Spill Settlement during this 20 minute Q&A session and explain what this means for you.

The Settlement which was announced late last week by US Federal Judge Carl Barbier covers the settlement of private individual and business claims for economic loss, damages and potential physical injury related to the Gulf Coast oil spill. After a long and difficult negotiation it is clear that the Gulf Coast Claims Facility that was headed up by Kenneth Feinberg is going to be phased out quickly and that a brand new settlement facility or mechanism is about to take it's place.

Some of the issues discussed in this wide ranging interview address the major questions being asked by Gulf coast residents, lawyers and businesses, such as:

  • What happens to my claims that are already submitted to the GCCF but have not yet been paid?
  • What are my options if I have already settled with the GCCF? Do I have the opportunity to have my claim reviewed again for a higher payment?
  • What if I have never filed a claim for damages, do I have the option to file a claim now to the new court supervised facility?
  • Do I need to engage an attorney to assist me in the process or is it possible to handle this myself?
  • When will checks or claims be paid on the Gulf Coast Oil Spill? How long of a wait can I anticipate?
  • What kind of evidence or proof will be needed to process my claim?

This is going to be the first in a month's long series of conversations with both of these attorneys, but also other leading lawyers, settlement experts, tax and financial consultants and others who will be addressing the wide range of issues facing those involved in the settlement.

The sheer size of the settlement fund, estimated at in excess of $14 billion, as well as the number of claimants, currently set at greater than 100,000 gives you an idea of the scope of this undertaking. Future shows will discuss the taxation of settlement payments, the design and purpose of the 21 year medical set aside and health monitoring facility, the $100 million allocation for study of the long term environmental impacts and other important questions. Wahlstrom & Associates will continue to provide in depth analysis of the settlement and planning options available to claimants.