A local attorney says many Capital Region businesses may not be aware that they could qualify for a settlement from BP regarding the 2010 oil spill, and estimates hundreds of area businesses could receive compensation if they file a claim. “Many local business owners may not realize that they qualify to make a claim because the causation analysis is so attenuated,” says Stephen Babcock, attorney and founder of Babcock Partners. “Eligibility is not limited to fishermen and those directly affected by the spill but also [includes] businesses like restaurants or landscaping companies who may have indirectly suffered.” Businesses are entitled to compensation if they can prove “a dip and rebound” in monthly revenue during and after the spill, Babcock says. All businesses in Louisiana fall within one of four economic loss claim zones and can file a claim under the $7.8 billion Deepwater Horizon Settlement Agreement. Businesses planning to file a separate lawsuit against BP or other firms liable in the April 2010 spill must “opt out” of the settlement process by Nov. 1. Compensation formulas vary depending upon the zone in which a business is located. You can get all the details on filing a claim and access all the necessary forms at BP’s claims website here.
Editor’s note: This story has been changed since its original publication to clarify the Nov. 1 deadline for businesses to opt out of the settlement process
