New $15 Billion BP Oil Spill Settlement Will Fully Compensate
Hundreds of Thousands, But Businesses Must ACT NOW!
Frank Aloia, Jr., a Partner at the law firm of Aloia, Roland & Lubell, LLP, is proud to announce the launch of the firm’s “Southwest Florida Business Recovery Plan” in response to the new $15 billion BP Oil Spill Settlement. Most businesses and individuals in Southwest Florida were impacted in one way or another by the Deepwater Horizon oil spill disaster in April 2010. Many businesses lost revenue, had to lay off workers, or worse – file for bankruptcy. The good news is that BP is taking full responsibility and allocating funds to help small businesses with their recovery. Thousands of businesses affected by the disaster will be compensated for their economic losses. However, business owners and individuals must act quickly to allow sufficient time to review financial documents, determine qualification, and opt out of the claim if they so choose.
“Our firm’s recovery plan should serve to stimulate the local economy,” says Aloia. “Our goal is to successfully put money back in the hands of small business, create jobs and get Southwest Florida back to work,” adds Aloia.
Because of the volume of Southwest Florida businesses impacted by the oil spill, Aloia, Roland & Lubell, LLP have partnered with one of the country’s leading law firms handling BP claims. With more than 30 accountants and nine attorneys on their team, Levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor, P.A. of Pensacola in partnership with Aloia, Roland & Lubell, LLP, will be able to review financial statements and secure settlements for qualified businesses quickly for clients.
The settlement will be fully funded by BP, with no cap on the amount BP will pay. BP is obligated to fully satisfy all eligible claims under the terms of the Court supervised settlement, irrespective of the funds previously set aside. The agreement will resolve the majority of private economic loss, property damage, and medical injury claims stemming from the Gulf Oil Spill. The settlement will hold BP fully accountable to individuals and businesses harmed by the spill.
“The settlement will fully compensate hundreds of thousands of qualified businesses and individuals who suffered an economic loss caused by the Deepwater Horizon oil disaster, but there are important deadlines and time limits,” Aloia explains. “If businesses that were economically impacted by the oil spill don’t act now, they may forever be unable to file a claim and receive the funds that are due to them,” he adds.
It is presumed that losses suffered by businesses and individuals in close geographical proximity to the waters of the Gulf such as Sanibel and Captiva, or in the seafood industry, were caused by the oil spill without further proof. To account for the specific circumstances of other claimants, there are a variety of ways to demonstrate that losses were caused by the oil spill. There is no “one-size-fits-all.” The intent of the framework is to be inclusive. Under the settlement, the formula for calculating the amount of compensation allows each claimant to select the months used to measure lost income or profits based on historical earnings. Most importantly, the formula allows claimants to recover for lost growth potential. Again, there is no “one size fits all.” Generally speaking, for claimants eligible for compensation, a Risk Transfer Premium (RTP) or “multiplier” will be used to account for things like ecological and economic uncertainty. The specific RTP multiplier depends on the location and nature of the claimant’s business.
“The criteria for filing a claim is simpler than for previous BP settlements,” said Aloia. “There are many businesses out there who qualify for a share of this fund, and our goal is to make sure everyone whose livelihood was detrimentally impacted by the oil disaster receives the compensation they deserve,” he adds.
Businesses and individuals who feel they were financially impacted by the oil spill must act now. To receive a BP Client Packet or for more information, visit FloridaLegalRights.com, email BPClaims@FloridaLegalRights.
About Aloia, Roland & Lubell, LLP
Aloia, Roland & Lubell, LLP serves clients throughout Southwest Florida in business and commercial litigation. The firm is led by partners Frank Aloia, Jr., Ty Roland and Evan Lubell, an experienced team of attorneys who are committed to providing the highest level of service for their clients. Aloia, Roland & Lubell, LLP has offices at 2254 First Street in Fort Myers, and 1716 Cape Coral Parkway East in Cape Coral. For more information, call 239-791-7950 or 1-855-SWFL-BIZ(855-793-5249) or visit www.floridalegalrights.com.