BCA Oil Spill Client Update
As many of you have heard through the media, BP reported over the weekend that a settlement had been reached with the Plaintiffs’ Steering Committee (PSC) to resolve the economic loss and medical claims as a result of the oil spill. This report has caused a lot of confusion and raised many questions from our clients. On Tuesday, Mr. Coon attended a private meeting in New Orleans with the PSC to be briefed on all of the details.
The most important thing to relay to you is that there is no settlement agreement in place with the PSC. What BP reported over the weekend was premature. The PSC and BP have only discussed a proposed settlement and while there is a general framework in place, most of the details have not been finalized nor has the agreement been presented to the court. Again, as of today, there is no settlement agreement between BP and the PSC.
With that said, while this proposed settlement is far from complete, we suspect that the details will be finalized and presented to the court over the coming months. There are many important questions about the proposed settlement that still remain unanswered, but we are working closely with the PSC and monitoring all negotiation talks. If and when an agreement is put in place, we will notify you and explain the details and how it affects your case.
In the meantime, we continue to work to resolve all claims through the GCCF and the Feinberg/Rozen team. You can also stay current on the latest developments and news articles by visiting our client website at www.bcaoilspillclients.com.