- CASE FUNDING Provides financing to Law Firms and CPA firms waiting for clients claims to be paid.
- Law Firms and CPA firms can obtain a loan based on the value of their fees relating to claims submitted on behalf of business, individual and clean-up worker clients.
Case Funding is committed to assisting law firms and CPA firms with financing while their clients’ BP claims are being processed. Our process is quick and easy and will be handled by experienced attorneys and financial experts.
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The Case Funding BP Settlement Funding
BP Oil Spill Timeline~Updates
On April 20, 2010, a blowout, explosion and fire occurred aboard the Deepwater Horizon, a BP Oil semi-submersible offshore drilling rig, as it was engaged in drilling activities on the “Macondo Well” off the coast of Louisiana.
These events led to eleven deaths, dozens of injuries, and a massive discharge of oil into the Gulf of Mexico that continued for nearly three months.
On December 21, 2012, final approval of the Settlement Agreement between BP Exploration & Production Inc. (“BP”) and the Plaintiffs’ Steering Committee was entered in the US District Court for the Eastern District of Louisiana, allowing distributions from the $7.8 billion fund to begin immediately. BP has since reported that because the Settlement amount is open-ended and the number of claims and the damages are indeterminable, it has increased its loss reserve.
On April 2015 a settlement was reached with states and municipalities which may require BP to pay in excess of $18 billion over the next few years.
The filing deadline for claims passed on June 8th and there are still thousands of claims pending approval and awaiting settlement. The process has experienced several delays due to litigation prompted by BP after the Settlement Agreement was approved by the Eastern District Louisiana Court. Through 2015, over $5 billion has been paid to businesses and individuals impacted by the oil spill.