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BP Oil Spill Claims: Avoid Mistakes and Maximize Claims

Learn how to navigate the BP oil spill claims process successfully and maximize your compensation. Get expert advice and avoid common calculation errors.

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BP Oil Spill Claims: Avoid Mistakes and Maximize Claims

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  1. BP Oil Spill ClaimsAvoid Mistakes and Maximize Claims 170 Calculation Errors and Why Everyone is So Excited To Help Pursue Claims WEDNESDAY, JULY 24, 2013 12:30 p.m. John Goldsmith jgoldsmith@trenam.com Alan Gassman agassman@gassmanpa.com

  2. The BP Disaster and SettlementBackground • On April 20,2010, an explosion and fire killed eleven and began the largest marine oil spill disaster in history • Legal actions followed, both civil and criminal • November 15, 2012, BP pleaded guilty to criminal felony and SEC charges, and agreed to pay a record $4.5 Billion in fines

  3. BP agreed to pay $1.4 Billion in Clean Water Act civil and criminal fines, and BP has paid clean up costs paid so far of $14 Billion • BP is now litigating the amount of state governmental Clean Water Act penalties and other claims in a trial that started in February 2013, ranging up to $21 Billion+ • In December 2012, BP settled the class action law suit for economic losses along the coast

  4. In the settlement, BP agreed to some 1,100 pages of formulas, definitions, exclusions, maps, and procedures, and thereby avoided punitive damages, enormous litigation costs, and further bad press • BP estimated that it would pay $7.8 Billion dollars to deal with the economic loss claims of businesses and residents under the settlement, with uncapped responsibility for additional losses

  5. Claims Are Already Being Paid • According to the 8th Status Report of the Claims Administrator, dated April 11, 2013, a total of 152,461 claims were filed as of that date • Of those, 31% are for business economic losses. Of the 41,848 business loss claims, only 52% have been reviewed so far • $1.9 Billion has been paid as of April 11, 2013, on 28,167 claims of all types, with $1.432 Billion being offered for business economic losses, leaving an estimated $5.9 Billion to be paid

  6. ExperienceThe Trenam Kemker firm has filed claims for: • Individual physicians • Physician group practices • Long term healthcare facilities • Rehab centers • A wide range of non profits • Manufacturers • Service businesses • Individual professionals

  7. Your client may be eligible to file a claim if: • The business is located in one of the BP Claim Zones which include most counties along Florida’s west coast, from the Panhandle to the Keys • The company suffered a drop 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 of your choosing: 2009, or the average of 2007- 2009 or the average of 2007-2008

  8. Top 5 reasons you should involve a qualified attorney with extensive financial expertise • Accountants and other professionals filing claims are in many cases not using all methods available to determine eligibility • V-Test • Modified • Decline only

  9. Top 5 reasons you should involve a qualified attorney with extensive financial expertise 4. Most other professionals filing claims are not utilizing all 171 ways to calculate a BP Claim

  10. Top 5 reasons you should involve a qualified attorney with extensive financial expertise 3. Other professionals filing claims are not conducting thorough public information reviews on your company that could disqualify you

  11. Top 5 reasons you should involve a qualified attorney with extensive financial expertise 2. No Surprises - our fee includes everything • Accounting fees • Appeals • All other expenses How referral fees and contingent compensation can be shared between lawyers, accountants, and other professionals.

  12. Top 5 reasons you should involve a qualified attorney with extensive financial expertise Only a lawyer can represent you if there is an objection or an appeal • At this time, it appears BP is objecting to every claim from professional services firms, such as medical practices

  13. John D. GoldsmithTrenam Kemker jgoldsmith@trenam.com 813-227-7456 Alan GassmanGassman Law Associates, P.A.agassman@gassmanpa.com727-442-1200

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