Legal Funding for BP Oil Spill Plaintiffs' Attorneys
Litigation over the explosion of the Deepwater Horizon and the BP Oil Spill has taken years — and it might take years more for settlements to be realized. If you are a plaintiffs' attorney waiting on a long-overdue settlement, the cash flow solution you need may be post-settlement legal funding, also known as our Fee Acceleration product. To convert your settled fees into immediate working capital, call RD Legal Funding at 1-800-565-5177, ext. 140. Speak with a legal funding specialist or fill out the brief form to your right to begin the application process.
BP Oil Spill
When the Deepwater Horizon drilling rig blew up in the Gulf of Mexico in April 2010, the Macondo oil well spilled almost five million barrels of oil into the Gulf. The effects of this, the worst oil spill in U.S. history, continue to negatively impact the area’s environment, economy, and human health. Shortly after the explosion, BP established a $20 billion escrow fund directed at compensating businesses and workers in Louisiana, Mississippi, Alabama, Florida, and Texas whose income suffered as a result of the spill. Health problems and injuries are also covered.
Thousands of lawsuits were filed as a result of the spill against:
- BP which is said to have set aside $32 billion to cover cleanup, legal claims, fines and other costs.
- Transocean, owner of the Deepwater Horizon drilling rig
- Halliburton, well contractor
- Cameron International, manufacturer of the underwater oil well’s blowout preventer
The types of lawsuits they face fall into these general categories:
- Lost business profits and individual income loss by companies and employees in the commercial fishing, shrimp, and oyster industry plus charter boat operators, hotels, tourist attractions, rental property owners, and resort businesses.
- Environmental damage to the coastland, wetlands, wildlife, and ecosystem in the Gulf plus related clean-up costs.
- Property damage to commercial, residential, and undeveloped property along the Gulf coast and offshore islands.
- Health problems and risks from oil and dispersants.
- Injuries and health risks from cleanup by many of the 100,000 people involved in post-spill cleanup efforts.
- Wrongful death and injury claims by rig workers and their families. Families of the eleven workers who died in the Deepwater Horizon explosion are suing BP and Transocean. Surviving injured drill workers are suing for negligence.
- BP shareholder lawsuits. Investors and pension funds are suing BP for misleading shareholders and causing BP share values to drop. The SEC is investigating allegations of insider trading by BP executives.
- State governments. Alabama is suing to recoup business tax revenue lost as a result of the spill and to recover state money spent on the cleanup.
Many of the lawsuits have been grouped into multidistrict litigation (MDL) and class action suits. The MDL is being handled by Judge Carl Barbier in the U.S. District Court for the Eastern District of Louisiana. Negligence claims against BP and shareholder suits filed on behalf of BP investors have been filed as class actions.
Also at issue are BP’s violations of the Oil Pollution Act of 1990 and the Endangered Species Act of 1973.
Convert Your BP Oil Spill Legal Fees into Cash
Stop waiting on slow-paying settlements. To see if RD Legal Funding can provide you with a post-settlement advance, fill out a short application and provide basic documentation confirming the settlement. We fax you an assignment, you sign it and send it back, and we wire you your funds. Get started today by filling out the brief form at the top of this page. Or call RD Legal at 1-800-565-5177, ext. 140 to speak with a lawsuit settlement funding expert.