PENSACOLA, Fla., Jan. 14, 2015 /PRNewswire/ -- Legal-Bay LLC, The Lawsuit Settlement Funding Company, announced today that they're returning their focus on funding BP Business Economic Claim cases in 2015 after the latest setback against the oil giant. BP had originally agreed to the compensation deal in 2012 over the 2010 Gulf of Mexico oil spill, which claimed 11 lives and became the biggest US offshore oil spill in history. Recently, BP challenged the compensation deal, according to BBC News, arguing that the company could "fall prey to inflated or bogus compensation claims." Also according to BBC News, "BP asked the Supreme Court to consider whether people and businesses seeking payments under the settlement included individuals who had not actually suffered any injury as a result of the oil spill." However, the US Supreme Court rejected BP's legal challenge, making this the latest setback for the oil giant. BP had initially projected that they would pay approximately $7.8 billion in compensation costs for victims, but now they say they can no longer predict how much the deal will actually cost them. While there is no guaranteed number in sight, BP has set aside about $43 billion for victim compensation.
Patty Kirby, COO and Head of Client Relations, commented on the company's BP funding focus, "With BP's latest setback at the Supreme Court in December, we are re-entering the BP BEL claim funding market for businesses in the Gulf region that need a cash advance now, before they get their ultimate settlement checks. Large cases that are approved for payment but face appeals from BP, per the settlement agreement, are cases in which we are prepared to advance up to $500K or more on. It finally looks like the legal wrangling is over and claims will finally start to be paid five years after this horrific oil spill."
Legal-Bay is also serving law firms and CPA firms that are waiting for fees from claims that they are representing, by providing large cash advances, typical business lines of credits, or traditional lawsuit loans. These amounts can range from $50K up to $500K and are available for businesses in the following states: Florida, Alabama, Mississippi, Louisiana, and Texas.
To learn more specifically about the funding programs involving BP cash advances, log onto: http://lawsuitssettlementfunding.com/bp-gulf-lawsuit-settlement-funding.php
Legal-Bay's programs are non-recourse lawsuit cash advances, also known as case funding. None of the programs should be considered to be a lawsuit loan, lawsuit loans, settlement loans, settlement loan, pre-settlement loans, or a pre-settlement loan. To learn more about how Legal-Bay's funding process works, visit: http://lawsuitssettlementfunding.com/funding-process.php
If your business is waiting for a BP Economic Claim Settlement to be paid, feel free to call Legal-Bay on its toll free hotline at: 877.571.0405, where live agents are standing by 24 hours a day to assist you. You may also apply online at: http://lawsuitssettlementfunding.com and an agent will respond to your request shortly.
Legal-Bay LLC (and their related companies) is not a law firm and cannot provide legal advice on your case; however, Legal-Bay works with lawyers involved in mass tort litigations who can provide you with a free legal consultation at the consumer's direction.
SOURCE Legal-Bay LLC