I don't think you know much about the BP Settlement. The settlement payout isn't based on type of business or name of business. It was based on whether your financial statements met certain characteristics and your business is located in a certain area.

They basically said all businesses were hurt due to this based on a trickle down effect. If the oil industry is hurt in Louisiana then all business will feel some impact. BP didn't want to go through the pain of figuring this out so they came up with a broad calculation which everyone agreed upon.

After the criminal cases were settled in federal court BP went back on everything.

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Posted by eng08

Member since Jan 2013

5997 posts

Posted on 5/6/14 at 1:25 pm to lsu13lsu

Exactly what is posted above.

BP settlements are based on whether you meet the payout requirements. One is income over certain periods of time before, during, after the spill. You can cherry pick those time frames. Another is your location relative to the coast. I know for a fact the BP wanted to allow claims in the entire state of LA, not specifically hold the claims within X distance from the coast. That last part has produced a lot of the "fraud" claims that BP is saying. Ironic thing is it was their plan that got implemented and they are now ticked off they screwed it up.

Also, there is fraud and waste that I know went on.

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Posted by weisertiger

Lake Charles, LA

Member since Sep 2007

2483 posts

Posted on 5/6/14 at 1:48 pm to lsu13lsu

quote:
The settlement payout isn't based on type of business or name of business. It was based on whether your financial statements met certain characteristics and your business is located in a certain area.

But different industries get different multipliers depending on the different zones.

Once it is determined that a claimant meets causation their claim is worked up and compensation calculated. Once compensation is calculated it is multiplied by a certain percentage based on what zone and industry the claimant falls in.

Ex.) Tourism -
Zone A %2.5
Zone B & C $2.0
Zone D %1.25

Non-tourism and Non-seafood Business
Zone A %1.5
Zone B %1.25
Zone C & D %.25

Sorry no link

EDIT: I will not say that I have seen fraud, but I will say that unless BP knew when they came up with the settlement framework that they could get it thrown out, then they signed a very dumb agreement. No way in hell were most non seafood companies in north Louisiana materially affected by the oil spill, but hey, if you can show enough of a loss in a three month period in 2010 and show enough gain in that same period in 2011 why not get some free money right?

This post was edited on 5/6/14 at 1:57 pm

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Posted by CITWTT

baton rouge

Member since Sep 2005

31765 posts

Posted on 5/7/14 at 6:10 am to lsu13lsu

So a business that had not been in business or two years prior to the spill is deserving of millions of dollars. There were many cases cited that had the same circumstances with before and after spill "damages" claimed.

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