The BP class action settlement agreement is unprecedented in U.S. history. Unlike the vast majority other class action settlements, there is no limit to the amount of money BP will pay under this agreement. BP has agreed to pay all eligible and legitimate claims. While BP estimates it will pay $7.8 billion under the settlement agreement, many believe the actual number may be much closer to four times that amount.
This settlement will therefore afford qualified Florida businesses an opportunity to recover a significant amount of money. While the method for calculating business economic damages is necessarily very complex and varies depending on a number of circumstances, the potential damages available to qualified business loss claimants is equivalent to approximately 9% to 13% of the company's total annual revenue from one of the following periods before the spill, as selected by the claimant: 2009; or, an average of 2007-2009; or, an average of 2007-2008.
In summary, the potential return under the settlement is well worth the few minutes it takes to help us begin our investigation - especially with no fees or out-of-pocket accounting costs due unless our firm is successful in recovering on the claim.