B.P. Economic Claim Settlement News: B.P. Wins Major Appeal in 5th Circuit

- Lawsuit Funding Firm reports that it will continue to provide settlement funding despite the minor setback to some plaintiff business owners.

Oct 08, 2013, 05:00 ET from Legal-Bay LLC

NEW ORLEANS, Oct. 8, 2013 /PRNewswire/ -- British Petroleum finally won a court battle regarding their constant appeals of the landmark Business Economic Loss settlement cases, known as BEL cases.  Last week, the 5th Circuit of Appeals, in a divided opinion, remanded the settlement back to the trial judge for adjustment of the terminology of how claims are calculated.  Judge Barbier in New Orleans is in the process of getting new drafts from both sets of attorneys in order to have a more "narrow" interpretation of the settlement framework.  The changes will affect some of the plaintiff's cases that are currently in the claim center – and could in fact deem some of the plaintiff claims worthless if no loss had occurred due to the epic spill in the Gulf of Mexico. 

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Legal-Bay LLC, The Lawsuit Settlement Funding Firm, announced--despite the setback--that they will continue to aggressively fund business owners in need of a settlement cash advance or a business lawsuit loan from the B.P. Claim.  Legal-Bay announced earlier this year that they had secured up to US$10MM for B.P. Claim funding and have set up a separate web address where B.P. business claim owners can access information about their B.P. Funding Program and can apply for up to $500K of funding online at:  http://lawsuitssettlementfunding.com/bp-gulf-lawsuit-settlement-funding.php.

Legal-Bay's Funding programs typically take 48 hours for approvals for lawsuit cash advance amounts of $10K to $100K, and about 5 business days for B.P. Claim Funding Business Lines of Credit up to $500K for larger BEL claims.  Business owners who apply for a non-recourse cash advance only need to repay the loan if their claim is ultimately paid, meaning if the B.P. Claim Center denies a claim, then the business owner owes nothing back to the funder.    

Chris Janish, CEO of Legal-Bay commented on the B.P. Settlement Litigation, "We have been through the constant ups and downs of this litigation, and are one of the only legal funding companies who have continued to fund throughout the entire process.  We believe that many businesses have been injured by the B.P. Oil Spill and unfortunately they will continue to be harmed while this process is delayed more by the recent appeal win.  However, that will not stop us from helping business owners who need to access business capital from the B.P. Claim Settlement Amount due." 

To apply for a B.P. Claim Settlement Funding Cash Advance for your business you can apply online at: http://lawsuitssettlementfunding.com or by calling Legal-Bay's toll free B.P. lawsuit funding hotline at: 877.571.0405 where experienced agents can answer any of your lawsuit settlement funding questions. 


Patty Kirby, Head of Client Relations

Ph. 877.571.0405   Email: info@legal-bay.com