Judge orders new method of determining BP oil spill payment amounts

Federal Judge Carl Joseph Barbier recently approved a new way of calculating payments to certain types of businesses that suffered financial losses in the Gulf of Mexico oil spill in April 2010.

This new method will affect variable profit businesses, which include construction companies, law and accounting firms, and farms, among others – businesses that spend money on projects at a specific time but derive profits from said investments at a later date or during a later part of the year.

The new calculation method entails matching revenues with expenses and not merely calculating the businesses’ revenues and expenses within three months before and after the oil spill. Claims administrator Patrick Juneau said the calculation change was made after BP appealed the former way of calculating payments.

If you are pursuing compensation from BP for business losses you have suffered form the Gulf of Mexico oil spill, or if BP has appealed an existing claim, it is important that you secure experienced legal representation. At Williams Kherkher, we have helped many individuals and businesses secure the compensation they need for their oil spill-related losses, and we are ready to help you. Call us today at (800) 821-1544 to discuss your unique situation with us today.