BP recently lost its appeal to cancel the terms of the settlement agreement it reached with the Plaintiffs’ Steering Committee (PSC) to compensate individuals and businesses for economic losses caused by the 2010 disaster in the Gulf of Mexico. In a bid to restrict growing expenses, the company urged the fifth circuit appeals court to cancel the agreement, which is resulting in BP spending more than was initially expected to compensate claims made by victims. The ultimate goal of the appeal was to modify the terms of the settlement to require stricter proof with the claims.
BP initially estimated the cost of settling a sizable number of individual and business oil spill claims arising from the spill at $7.8 billion. Actual costs of BP oil spill claims are proving to be much higher, with a recent readjustment of the estimate coming in at $9.2 billion, which did not include any provision for additional future claims. Based on the payments made so far and the rate at which claims are currently being filed, estimates could put totals paid in the settlement agreement at more than $15 billion.
Contrary to what many people believe, it is not too late to file a BP oil spill claim. But the deadline to file a claim against BP in connection with the 2010 Deepwater Horizon Oil Drilling Platform explosion is quickly approaching. The final day to file a claim for compensation is April 22, 2014. Call Frank Miranda Attorneys at Law at 813.254.2637 to schedule an appointment for a free consultation.