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.

Questions on the BP Oil spill settlement, what does it mean for settlements?

The announced settlement in Federal Court on the BP oil spill case has as usual created more questions for the claimants and gulf coast residents than it has answered.

Legal Broadcast Network will have an exclusive question and answer session with two of the most knowledgable attorneys involved in this case. Attorney Frederick "Rick" Kuykendall of Kuykendall & Associates of Fairhope, AL, and Attorney Wesley J. Farrell of the Miami, FL firm of Farrell and Patel. Legal Broadcast Network will be releasing the interview on it's affiliated channels and here at The Settlement Channel at 2 pm EST, March 5th and will cover questions such as:

  • What if you are a resident in the Gulf Coast who was impacted by the spill but you have yet to file a claim? How does the announced BP settlement impact your rights?
  • What if you have already recieved some partial payments from the Gulf Coast Claims Facility? What are your rights or options going forward.
  • What options in the BP Settlement take into consideration the potential for long term health issues or future claims for illness, injury or medical care needs due to pollution of the Gulf?
  • What will happen to claims that are being processed in the Gulf Coast Claims Facility but have yet to be finalized or settled? Do you need to start the process over or do you have other options?
  • What is the tax status of my oil spill claim? Is it taxable and do I have the opportunity to structure my payments over time and save on taxes?

In short, this interview with two leading lawyers who have been involved in the BP Gulf Coast litigation from it's outset will be of crucial value and interest to residents, businesses and others impacted by the Gulf oil spill and the possible rights to settle your claims.

If you are a claimant or interested party in the BP Oil spill settlement you need to be sure to view and listen to this exclusive broadcast early next week! Our firm, Wahlstrom & Associates is prepared to work with claimants and their advisors who are wondering what the financial impact of this settlement might be, what settlement options are available and strategies using 468B settlement trusts to defer the tax hit for many claimants.

Check back at Legal Broadcast Network after 2 pm EST on Monday the 5th and we will have the comprehensive interview ready for you to view and share with your friends at that time. We will also be releasing the same interview on The Settlement Channel just after broadcast Monday.