It's not unusual to hear of another BP (NYSE:BP) lawsuit being filed, and one of the latest is the Fish Market Restaurant in Birmingham, Alabama.
What's important about this story isn't over who the suing, but rather the "why" of the suing.
By why, I mean - why bother?
With the BP compensation fund administered by Kenneth Feinberg ready to pay out for legitimate claims, and the business being close to the oil spill, why hire a lawyer to sue when you can get your money right away?
This is why there was an alleged controversy concerning the fund once BP handed the claims process over to Feinberg; the lawyers knew they were going to lose a lot of money because of it, and consequently began a media strategy to discredit it.
It's obvious, because the fund wasn't so-called controversial until Feinberg took over, then suddenly there were questions about its parameters and legitimacy.
Lawyers have evidently been busy talking people into being fearful about the fund in order to get their 30 percent of the cut.
Wait till years from now when claimants are still waiting for their money, and when they get it, lose about 30 percent to lawyers' fees.
How does that help them in any way?
Why not go through the claims process to see what you're offered. It's only claims which are permanently settles which disallow the suing of BP. So what is there to lose?
Those individuals and businesses with legitimate claims would be far better to go through the claims process than litigation, as how could these lawyers promise they'll get more money once they take out their fees?
Even if the lawyers win them 20 percent more than the claims fund offers, once the fees are deducted, they lose 10 percent of what they would have gotten, plus the time it takes the lawsuit to be completed.
Feinberg has even said he will probably reward claimants more than they probably would get through litigation, and lawyers working for him offer their services for free (to the claimants).
Bottom line: go through the claims process and get your money as soon as you can. There's nothing in it for the vast majority of people and businesses suing BP for the reasons stated above.
2 comments:
This article briefly addresses: (a) how GCCF limits BP's liability via the systematic postponement, reduction or denial of claims against BP; (b) how GCCF guarantees BP's continued long-term operation in the offshore Gulf of Mexico E&P sector; and (c) why GCCF is not necessary to ensure that victims of the BP oil spill are fully compensated for incurred damages.
http://donovanlawgroup.wordpress.com/2010/08/23/the-gulf-coast-claims-facility-limits-bps-liability-and-guarantees-the-oil-companys-continued-operation-in-the-gulf-of-mexico/
Proofread your comment, the irony eats you alive.
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