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Winter 2012
IN THIS ISSUE
d&G Lawyer News
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Frequently Asked Questions
What is the deadline to submit claims for economic loss related to the BP Deepwater Horizon Oil Spill?
For businesses suffering an economic loss, all claims must be submitted on or before April 22, 2014 or 6 months after the effective date of the settlement, whichever is later.
What geographic areas are covered by the BP economic loss settlement?
In order to address economic losses, coastal areas on the Gulf of Mexico reaching from Texas to South Florida are divided into four zones, based on the predicted severity of economic impact resulting from the spill. Generally, businesses located in Economic Loss Zone A, which includes coastal Louisiana, a portion of the Florida panhandle, and the Florida Keys, are entitled to a presumption of economic loss.
Other businesses may also recover damages for economic loss, but must provide a demonstration that economic harm resulted from the spill. These zones cover coastal areas of Florida on the Gulf of Mexico as well as the east coast and inland portion of Florida.
How can businesses demonstrate economic loss under the BP settlement?
Those not entitled to the causation presumption must demonstrate causation by meeting one of three different types of revenue patterns and submitting the required proof, such as 2011 federal tax returns. The three different types of revenue patterns businesses can use to demonstrate loss include different standards depending on which economic loss zone the business is located in. The business is required to show a baseline period to measure its historical financial performance and may select from several different baseline periods. From that baseline, the businesses must show some type of decline in revenue over a 3 consecutive months between May 2010 and December 2010 compared to the same months in their chosen benchmark period.
Is it possible to opt out of the class action settlement?
Businesses and individuals may opt out of the class by submitting a written statement to the settlement program. Those that do not opt out and are part of the class are subject to the class action settlement.
How do I know if I am part of the settlement?
There are a number of factors that are considered in determining whether a business or individual is part of the class. These factors are identified on the website for the settlement, http://www.deepwaterhorizoneconomicsettlement.com.
For more information, contact Nicolas Porter or Kristin Melton at (813) 229-2775, or by email at nporter@dgfirm.com and kmelton@dgfirm.com.
The information on this website (Newsletter/ Email) is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.
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