Halliburton & Transocean Settlement Is Approved
BP was not the only company involved in the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Halliburton and Transocean were also found responsible and have recently reach a punitive damage settlement totaling almost $1.24 billion dollars. This fund will be distributed primarily to those who had oil on their real estate or those who sustained damage to their personal property. Additionally, subsistence fishermen and commercial fishermen will also be eligible for recovery through the settlement.
If you received a recovery or have a claim being processed through the Deepwater Horizon settlement, you will, most likely, automatically be included in the Halliburton and Transocean settlement. However, there is a small group of entities that may need to file another claim to participate in the recovery. Those groups include, for example, governments, real estate developers, gaming and financial institutions.
It is important to note, there are two upcoming deadlines related to this settlement. For those who want to opt out of receiving a settlement through Halliburton and Transocean, the deadline is September 23, 2016. The deadline for those small groups required to file a claim is December 15, 2016. All other eligible claims should automatically be included in the settlement.
If you or a loved one need help determining eligibility, or would like additional information, call Reeves & Mestayer, PLLC at 228-374-5151, toll free at 1-855-558-2977, or contact us online. We have first-hand knowledge and practical experience with BP oil spill settlements and claim procedures, representing hundreds of large and small claims.
Why Reeves & Mestayer Law Firm?
- Currently handling hundreds of BP business claims throughout the Gulf South
- Experienced trial attorneys – AV® Rated with record verdicts and settlements
- Involved in BP litigation since day one – serving on Economic and Property Damages Committee of MDL-2179 Oil Spill by the Oil Rig “Deepwater Horizon”
- No Fee unless successful and no out-of-pocket accounting costs
Reeves and Mestayer has represented numerous businesses along the entire Gulf Coast in connection with the BP Deepwater Horizon oil spill. In fact, Reeves & Mestayer has been involved in the BP oil spill class action litigation since its inception in 2010. The firm’s lawyers were named by the Court to serve on the Economic and Property Damages Committee in the Multi-District Litigation.
Reeves & Mestayer’s experience very early on in the BP litigation provides our attorneys with a keen understanding of both settlement terms and structure as well as with the correct claims handling process and procedure. The settlement agreement is over 1,100 pages in length and very complex – particularly for business claimants. These complexities primarily relate to identification and calculation of damages and proper supporting documentation. Reeves & Mestayer’s knowledge of the settlement agreement, experience with the claims administration process, and exclusive focus on business claimants enables us to swiftly navigate these challenges. The firm currently represents casinos, car dealerships, seafood processors, hotels and motels, convenience stores, restaurants, construction companies, physicians, dentists, architects, accountants, manufacturers, distributors, wholesale companies and others throughout the Gulf South.
Reeves & Mestayer’s clients also benefit from the firm’s retention of key experts, including former BP claims adjusters, forensic accountants, and business loss experts. Because of these experts’ business-damage calculation experience and intimate knowledge of the BP settlement damage formulas, our business clients bypass the costly and time consuming learning curve in-house attorneys, financial professionals or other accounting firms would likely incur in understanding these complex damage calculations and related protocols. Reeves & Mestayer’s damage calculation experience and proven protocols for handling BP claims helps ensure our client’s claims are properly calculated, promptly submitted and accurately documented – all at no out-of-pocket cost to the client.
What Was Available?
Almost every business located along the Gulf Coast was eligible to submit a business loss claim – even if the business was negatively affected by other factors – including the general downturn in the economy. The first step in determining eligibility was location. If your business was located in Louisiana, Mississippi, Alabama or the Florida Gulf Coast, your business was eligible. Next, in order to qualify, most businesses had to suffered a “dip” in revenue in any three month period in 2010 after the BP oil spill as compared to the same three month period in one of the following benchmark periods chosen by the claimant: 2009, or the average of 2007-2009 or the average of 2007-2008. At Reeves & Mestayer, companies worked with an attorney who had first-hand knowledge and practical experience with the BP oil spill settlement and claims procedures. We helped structure settlements and negotiated with the responsible parties on behalf of hundreds of business claims large and small.
Below are examples of actual BP business claim settlements:
- Commercial Contracting Company (previously denied), $1,228,813.00
- Architect, $213,551.50
- Funeral Home $211,252.00
- Livestock Company (Hattiesburg, MS), $68,852.00
- Restaurants (Wetumpka, AL), $74,773.00
- Dentist, $160,000.00
- Office Supply Company, $251,684.00
- Gas Station (Picayune, MS), $167,508.00
- Restaurant/Bar, $249,282.00
- Metal Supply Company (Previously denied three times), $122,067.78
Who Was Eligible?
Virtually all businesses located in Louisiana, Mississippi, Alabama and Florida.
Eligible businesses located in most coastal regions of these States along the Gulf Coast automatically meet the initial causation requirements if they suffered any loss after the oil spill. All other businesses need only show a “dip” in revenues in any three month period in 2010 after the spill (May- December) as compared to the same three month period in either: 2009; or, an average of 2007-2009; or, an average of 2007-2008. In addition to a revenue decline in 2010, businesses (other than those located nearest the Coast) need only show an upturn in revenue of at least 5% in 2011 as compared to 2010.
Was the Process Time-Consuming or Costly?
No. There was virtually no interruption in day-to-day business activities. All we needed to review a claim was business tax returns for 2007-2011 and monthly profit and loss statements or monthly business bank statements. All filings are confidential. There are no need to file a lawsuit or go to court.
If you or a loved one is in need of legal assistance, call Reeves & Mestayer, PLLC at 228-374-5151, toll free at 1-855-558-2977, use our 24 hour BP Oil Spill phone at 228-731-4357, or contact us online. The initial consultation is free of charge, and if we agree to handle your case, we will work on a contingency fee basis, which means we get paid for our services only if there is a monetary recovery of funds. In many cases, a lawsuit must be filed before an applicable expiration date, known as a statute of limitations. Please call right away to ensure that you do not waive your right to possible compensation.