NEW ORLEANS, April 25, 2012 /PRNewswire/ -- More than 100,000 people and business owners were hoping to get some clarity last week as to when they would be getting some cash relief from their various claims against BP. However, after lawyers from London based BP and the Plaintiffs' Steering Committee submitted documents to Federal Judge Carl Barbier to approve the much publicized $7.8Bil settlement, no such ruling has yet to be made.
Many industry experts believe the settlement will be approved as is, however Judge Barbier has yet to set a timetable for a ruling; and will hold a "fairness hearing" prior to an ultimate ruling. This will only delay the process and has added to more uncertainty as to when many of the B.P. Gulf Oil Spill victims will receive adequate compensation.
Individuals and business owners in the Gulf of Mexico Region from the states of: Texas, Louisiana, Mississippi, Alabama, and Florida have lost a major portion of their businesses due to the B.P. Oil Spill. Whether they were in the hotel, restaurant, fishing, seafood, boating, travel or another business tied into a livelihood on the Gulf, plaintiffs are both frustrated and confused with the process.
Legal-Bay, lawsuitssettlementfunding.com, has been receiving a very high rate of applicants for B.P. cash advances now that the settlement proposals will most likely not come quickly and will probably be less than what their true claims are worth. Patty Kirby, Head of Client Relations at Legal-Bay commented, "Our B.P. Oil applications are rising with each passing day. We have been one of the few companies in the legal funding industry that has begun to aggressively fund the B.P. litigation. What we keep hearing from the many fishing boat owners is the same thing: the settlement proposal is inadequate or unclear, and they have no idea when they will get adequate compensation. Most B.P. Oil victims can no longer wait any longer as this accident continues to have a lingering effect on them for over 2 years now. Thus they are accessing cash advances from us in excess of $100K to get their lives back in order today – instead of waiting."
Legal-Bay, who is closely monitoring the B.P. Lawsuit for their clients, says that under the terms of the settlement, B.P. is offering 60% of the money up front if the clients "opt in" to the B.P. Settlement Proposal. And then they will get the other 40% in the upcoming months to "release" B.P. of any and all other claims. However, the recent offers by B.P. have been woefully short of their true value says Legal-Bay's clients. And all of Legal-Bay's clients intend to fight on or "opt out" by obtaining a lawsuit loan – as it is referred to by plaintiffs.
Legal-Bay's Lawsuit Settlement Funding Program presents a no risk transaction for the plaintiffs to continue to fight, as the non-recourse advance would not have to be paid back unless the B.P. Oil Claim was successful. In essence, the plaintiffs can get almost the same as B.P. is offering from a Legal-Bay non-recourse case cash advance immediately and still go after B.P. for their full claim; as opposed to taking the "low offer" that B.P. offers now and then have no chance for additional –and adequate- compensation.
"Our B.P. Oil settlement funding program is designed to help plaintiffs get by so that they can get their lives and businesses back in order today – while enabling the individuals or business owners to maximize full value for their claims through further litigation against B.P. We think this is truly a win/win situation for the plaintiffs", added Ms. Kirby.
Legal-Bay welcomes any plaintiffs who have questions about their individual or business claims; or who need settlement funding to go to Legal-Bay's website: lawsuitssettlementfunding.com and inquire directly online. Or call their 24 hour toll free hotline at 877.571.0405 where a live agent can assist you right now.
Patty Kirby, Head of Client Relations
SOURCE Legal-Bay LLC