Benefits of the Deepwater Horizon Settlement

Businesses are not the only party reimbursed for their financial losses in the BP settlement fund; ordinary citizens of the Gulf Coast area are reimbursed as well. The stipulations of economic reward in the settlement are granted to those who are newly employed, employed in multiple jobs, Mardi Gras businesses, other businesses who sell goods non-Mari Gras related, and employees who lost company benefits as a direct result of the gulf oil spill.

Exhibit 9 of the Deepwater Horizon settlement grants subsistence claims to those whose occupations are fishing and hunting. If someone fishes and hunts for game in order to provide for their family's nourishment (diet) or economic needs, then such persons qualify to file claims for financial compensation. Recreational fishermen and hunters cannot apply, since their reasons to fish and hunt game pertain more to leisure than livelihood. A commercial fishermen or hunter can, however, have a recreational license and still qualify for financial compensation—since he can prove the loss of food resources between the date of the deep water horizon oil spill and December 31, 2011.

There are sections within the settlement document that pertain to employees of oil and gas companies. For those who work in those fields and feel a particular economic loss, the document provides for some small exceptions—though most employees or employers within these fields cannot apply for financial compensation. The one exception to the rule pertains to those whose oil or gas companies provided significant services to the Gulf Coast region. If employees meet this first requirement, there are others that are provided in Exhibit 19 of the document.

Exhibit 19 provides for employers (as individuals) and employees (as individuals) who want to receive benefits for the income they lost during the "moratoria" (temporary closing) of their normal operations. There are previous provisions in the document that provide for companies that permanently closed down, either due to bankruptcy or total loss from the gulf oil spill in 2010. The companies involved in this area of the settlement pertain to companies that reopened, but were delayed from normal operations for 4-6 months (for example).

The deepwater horizon spill affected numerous industries and companies as a result of the oil rig explosion. Call us or fill out the form on the right to get started on your settlement.