Posted on behalf of Phillips Law Group on May 08, 2010 in Class Action Lawsuits
BP has been taking several steps to cover itself in the wake of one of the biggest oil disasters in recent history. There are many different levels of concern both for BP and the population that will be affected by this massive spill, and one of the main components of loss as a result of this spill will be lost revenue by small businesses. Recently, the CFO of BP offered details regarding how to proceed with filing a class action claim with the company in order to recapture losses suffered by businesses. There are many reasons why anyone who could have reason to file one of these claims should speak to a BP oil spill attorney before taking that step, and they appear below.
While BP will almost certainly pay out a large amount of money for the claims that are filed by gulf businesses, there does not appear to be any guarantee that all claims will be approved. In a statement, the CFO of BP stated that businesses should keep records of their losses that include canceled reservations and purchases. While these can be documented, this does not take into account the amount of business that will be lost based on those who never make a reservation or order a product. Therefore, not only will there be no guarantee that a claim will be approved, it's also apparent that not all types of loss will be taken into account with these claims.
In addition to the potential problem described above, it's also possible that those who accept payments from BP for these partial losses will have to sign a waiver that removes someone's right to file a lawsuit for all of the economic loss suffered by a business as a result of this oil spill. In effect, if you accept this payment, you may not be able to file a lawsuit after enough time has passed for you to be able to obtain a full understanding of how much harm this oil spill has done to your business.
Basically, if you have suffered a serious personal injury or property damages &/or loss as a result of this oil spill, you owe it to yourself to find out more about your legal rights before agreeing to anything with BP. Contact the BP oil spill lawyers at Phillips Law Group today to schedule a free initial consultation. Ph: 1-800-706-3000.
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