Posts tagged #BP Oil Spill

BP Oil Spill claims, News for the Medical Benefit only class of claims

Late last week, the BP Oil spill claims process was in the news once again, this time with the announcement that the 5th Circuit Court of Appeals had issued a mandate on the Medical Benefit only class of claims. This second class, which is totally seperate from the business economic loss class, is focused on medical reimbursement for three unique groups of claimants who were either clean up workers, support workers or residents in the general zone of clean ups. 

This video features Attorney's Rick Kuykendall, Craig Downs and Daniel Perez in a 15 minute discuss of what this class is, who is eligible, the process by which the claims my be filed and the medical issues that are covered. Also, one of the unique features of this agreement is that for certain claimants there will be a 20 year comprehensive medical monitoring process to determine what, if any, medical issues might appear in the class over time. 

This is an important video in that it lays out the time frame during which claims can and should be made and provides lawyers and claimants with some crucial information as to whether or not people should attempt this process with out the assistance of an attorney. We will also being doing another video next week on the 2-1 decision of the Appeals Court which leans toward the resumption of payments on the BP Oil Spill economic loss claims process. 

The Settlement Channel is a weekly broadcast and commentary program hosted by Mark Wahlstrom, the President of Wahlstrom & Associates, one of the nations leading experts in settlement planning, structured settlements, multi-claimant litigation and QSF Trust administration.

Posted on March 6, 2014 .

BP Oil Spill settlement finalized, what will the impact be for claimants?

Today the federal judge in charge of the BP Gulf class action lawsuit gave final approval to a $7.8 billion settlement between BP and a huge class of business owners and individuals who suffered economic loss due to the historic 2010 oil spill in the Gulf of Mexico. 

For a copy of the full federal court decision and settlement click here.

BP PLC announced that it expects the over 100,000 claimants currently identified as members of the class will now have access to the funds and claims settlement process. It also noted that the settlement has no cap and therefor the company could end up paying more, or less, than the estimated $7.8 billion figure. 

BP Oil spill settlement, is it really final?

BP Oil spill settlement, is it really final?

Questions remain that will be worked out and The Legal Broadcast Network will have on one of the premier mass tort attorneys and a lawyer immersed in the BP Settlement process, Attorney Frederick "Rick" Kuykendall of Fairhope, AL and associated with the law firm of Farrell and Patel, Miami, FL. We will be interviewing Attorney Kuykendall tomorrow and look to have a full video discussion of the settlement terms so as to answer key questions of crucial interest to trial lawyers and structured settlement professionals regarding the BP Settlements, such as:

  • Who will be in charge of the claims process and how soon will claims be paid.
  • How are claims values calculated for the BP settlement?
  • How will legal fees be paid as part of the BP settlement?
  • Is it too late to file a claim for loss in the BP oil spill and how can someone find a lawyer to assist them at this point in the process?
  • What will the tax status of claims be and do claimants need to declare payments as taxable income on their tax returns?
  • If a claimant wants to structured their BP settlement claim to defer taxes, what is the process in the claims facility to get this done?

These and other questions of crucial importance to lawyers will be covered on the show Speaking of Justice, an in depth broadcast with Rick Kuykendall, and an exclusive conversation featured only on The Legal Broadcast Network.

Katherine Welles / Shutterstock.com

Posted on December 22, 2012 .

Details on the BP Oil Spill Settlement, Questions answered by two leading legal experts.

BP Oil Spill from Sequence Media on Vimeo.

The Legal Broadcast Network recently interviewed two of the key attorneys in the BP Gulf Coast Oil Spill Settlement, Attorney Frederick "Rick" Kuykendall of Kuykendall & Associates of Fairhope, AL and Attorney Wes Farrell of the firm Farrell & Patel of Miami, FL. In this 20 minute Q&A interview on the settlement, they cover a wide range of questions and answers on what the BP Gulf Coast Oil Spill Settlement means to you.

The BP Settlement, which was announced late last week by US Federal Judge Carl Barbier, covers the resolution process for private individual and business claims for economic loss, damages and potential physical injury related to the Gulf Coast oil spill. After a long and difficult negotiation it is clear that the Gulf Coast Claims Facility which was headed up by Kenneth Feinberg is going to be phased out quickly and that a brand new settlement facility or mechanism is about to take it's place.

Some of the issues discussed in this wide ranging interview address the major questions being asked by Gulf coast residents, lawyers and businesses, such as:

  • What happens to my claims that are already submitted to the GCCF but have not yet been paid?
  • What are my options if I have already settled with the GCCF? Do I have the opportunity to have my claim reviewed again for a higher payment?
  • What if I have never filed a claim for damages, do I have the option to file a claim now to the new court supervised facility?
  • Do I need to engage an attorney to assist me in the process or is it possible to handle this myself?
  • When will checks or claims be paid on the Gulf Coast Oil Spill? How long of a wait can I anticipate?
  • What kind of evidence or proof will be needed to process my claim?

This is going to be the first in a month's long series of conversations with both of these attorneys, but also other leading lawyers, settlement experts, tax and financial consultants and others who will be addressing the wide range of issues facing those involved in the settlement. The sheer size of the settlement fund, estimated at in excess of $14 billion, as well as the number of claimants, currently set at greater than 100,000 gives you an idea of the scope of this undertaking. Future shows will discuss the taxation of settlement payments, the design and purpose of the 21 year medical set aside and health monitoring facility, the $100 million allocation for study of the long term environmental impacts and other important questions.

Posted on March 6, 2012 .