On May 2, 2012, the class action settlement reached with certain BP entities regarding the Deepwater Horizon oil spill was amended to increase the footprint of areas eligible for economic damage claims. The settlement set aside $20 billion to satisfy claims.
Companies and individuals in the tourism industry (as well as other relevant industries) located in all of Alabama, Louisiana and Mississippi as well as parts of Florida and Texas are potentially eligible to participate in the settlement. Eligibility is based on a number of factors including industry, geographic location and/or the degree of financial impact. Eligibility can be determined through multiple lost revenue calculations.
Once submitted, claims are evaluated and paid on an ongoing basis. All submitted claims information is maintained confidentially. Significantly, some claims may be subject to a multiplier (defined as a "Risk Transfer Premium") which increases the payment amount. Claims forms and supporting documentation must be submitted by April 22, 2014.
The map here shows the new settlement footprint.