BP objects to $7.8 billion settlement deal for Gulf Coast residents and businesses
On Monday, November 4, London-based BP (formerly known as British Petroleum), Gulf Coast residents, and businesses faced off at the Fifth U.S. Circuit Court of Appeals to hear BP’s objections to the $7.8-billion dollar deal that was supposed to pay residents and businesses for the damages caused by the 2010 Gulf of Mexico oil spill.
BP is anxious about the possibility that it might be paying out inflated or fake claims by fraudulent businesses since claims administrator Patrick Juneau allowed businesses to modify how they calculate the actual amount for lost profits in January.
As of Friday, November 1, BP has already paid an estimated $3.7 billion to around 38,000 people and businesses. It has yet to agree to a specific amount of business payouts as of recent developments.
The Deepwater Horizon oil spill in the Gulf of Mexico has affected many people and businesses, causing serious life changes and losses. At Williams Kherkher, our lawyers make sure that people who have legitimate claims following this oil spill get the compensation they need. Call us at (888) 220-0640 today so we can help you process your claim.