Settlement on horizon as oil spill deal is recommended

Settlement on horizon as oil spill deal is recommended

On Behalf of | Nov 12, 2012 | Uncategorized |

Years after the Deepwater Horizon oil spill grabbed headlines, many are still being impacted by the event in the coastal regions of Louisiana.

As previously covered on this blog, many businesses, such as the fishing and tourist industries, have suffered long-term economic consequences resulting from both immediate damages as well as continued problems with public perception of the region’s environmental cleanliness. While some companies have survived the incident, other owners have had to close or sell their business.

In response to this catastrophe, a legal suit was brought against British Petroleum may be coming to a close as federal judge hearing the case is set to make a move. According to attorneys for both the plaintiffs and BP, a deal has been reached that would be satisfactory for all parties involved. They now urge the judge to approve the terms of the settlement so that payment can begin.

Of course, the major settlement won’t be reached without some dissent. So farl, 13,788 parties involved in the suit have objected to the proposed settlement, but only 623 of those objections were found to be valid.

Amongst those with differing opinions include those who feel the settlement would undervalue the actual cost of economic damage, as well as inadequately compensate various segments of those harmed. Whether this settlement proposal is approved or not, what appears to be agreed upon is that financial compensation is in line.

While those who have filed claims against BP hope to be buoyed by a settlement, others may not escape the effects of the spill. These businesses may be in need of exit strategies to quickly and efficiently end their businesses in a straightforward manner. While it may seem as simple as shutting the doors, there are oftentimes various legal steps that need to be taken before the business can be closed. For instance, issues such as outstanding taxes, payroll, inventory, leases and other property should be considered and resolved in order to avoid headaches down the road.

Source: The Times-Picayune, “BP, plaintiffs’ attorneys urge federal judge to accept proposed Gulf oil spill settlement,” Richard Thompson, Nov. 8, 2012