If you or your business were harmed by the BP Deepwater Horizon (DWH) Oil Spill, you may be able to receive compensation BEFORE your BP claim is processed and paid.
BP Settlement Claims – DHW Claims Funding from Case Funding Inc.
On April 20, 2010, a blowout, explosion and fire occurred aboard the Deepwater Horizon, a 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.
Case Funding – Providing Money to Individuals and Businesses
Qualified businesses and Individuals with valid BP Settlement claims are now eligible to receive money for their claim before it is approved!
Leveraging our national legal financing business platform – lending to law firms and individual plaintiffs, Case Funding is pleased to announce our BP – Deepwater Horizon claims Lending Program.
Case Funding – Financing for BP Settlement Claims
Case Funding has begun accepting, underwriting and lending to private individuals and businesses based on the value and the expected approval of their claims and recovery of settlement proceeds. To date, over $3.53 billion of claims have been approved and over $2.44 billion has been paid out by the court appointed Claims Administrator, Patrick M. Juneau.
Providing Money to Individuals and Businesses with Valid BP Claims
BP claims financing provides an alternative source of funding in situations where a person or business has a strong legal claim and where that person or business is in need of interim financial resources. Conventional lenders generally avoid this market due to its relative complexity and risk. Case Funding Inc., founded in 2002, has been advancing funds to personal injury victims for over ten years and has been lending to law firms for over seven.
BP Settlement Claims Lending Program
Under the Business and Economic Loss (BEL) program, Case Funding will underwrite each application, and approve or deny each application based on the merits of the applicant’s BP Settlement claim.
Advances will be in the form of either a full recourse loan if the borrower is a qualified business entity, or a non-recourse advance – a purchase of a portion of the contingent proceeds of the claim if the advance is to an individual claimant. Loans to businesses will be cross-collateralized with other company assets and personally guaranteed by its principals.
The Case Funding BP Claims Funding Process
Applicants will only be funded if they meet Case Funding’s guidelines, including, among other requirements: (a) the application must pass Case Funding’s legal review performed by an attorney and a financial review performed by a qualified CPA; (b) the applicant must have retained an attorney to file and manage the claim, including the receipt of claim proceeds on behalf of the applicant; (c) the applicant and its/his attorney must acknowledge Case Funding’s lien on a portion of the claim proceeds; and (d) the applicant’s attorney must agree to pay Case Funding directly from claim proceeds prior to distributing funds to the applicant. Advances will be made only against filed and verified up to amounts approved by Case Funding.