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The BP Settlement Awaits Approval and it has Issues

Awaiting on Judge Barbier`s Approval

bp settlement  The BP Settlement has been waiting for the final approval from Judge Barbier, many interested parties in the BP Settlement are simply baffled as to why the Judge has not yet approved the BP Settlement.

It was expected that the Settlement would meet with quick approval and BP had been pushing for it. Most industry experts had thought that it would be left pretty much untouched by the Judge, and that he would sign of on it quickly.

I think that this is actually good news for people, the Judge is taking his time, this is a major step forward, and there are still pieces that are broken, and need to be fixed.

A major issues with the BP Settlement

On the front burner these days is the NAICS system that they use to figure out what kind of businesses meet the types of criteria within the DeepWater Horizon Settlement.

For example: We have recently represented a well known Spa on Siesta Key. This spa caters to many of the tourists that visit Siesta Key from across the nation. Siesta Key is a well known tourist destination and was designated with the Best Beach in America by Doctor Beach.

The NAICS code for this spa designated as non tourist. That meant instead of having a multiplier of 2.5 for their 2010 losses due to the spill, they were given a a multiplier of .25%.

This left the owner of the store frustrated and us gearing up for an appeal. We are very thankful that we believe the owner, who kept records of the majority of her guests will prevail.

We have a 100% success rate in appealing DeepWater Horizon Settlement that we felt had the grounds to appeal.

The issue here is many business do not keep these records, and credit card companies have been less then friendly in helping businesses prove their client base due to privacy issues.

The Customer Mix Test

The Customer Mix Test was meant to cure these issues but it has turned out to be about impossible without the assistance of the major credit card companies. I am sure that BP knew all of this when they structured the settlement. Instead of being a good work around for companies trying to prove their losses, it is more of a MAJOR BLOCKADE.

For many zone D claimants and possibly some in zone C  they may need causation documents that:

Identify the customers residences and the amount of revenue generated from their purchases.  This is impossible without the credit card companies assistance.

A decline of 10% in the share of total revenue generated by non local customers over a period of three consecutive months or more from May-December 2010 as compared to the same three or more consecutive months in 2009.  You need to know how many of the business customers resided more than 60 miles from the business and the amount of revenue generated from their purchases.

A decline of 10% in the share of total revenue generated by customers located in gulf coast areas over a period of three consecutive months or more from May to December 2010 as compared to 2009.  They need to know how many of the customers resided on the Gulf Coast and the amount of revenue generated from their purchases.

So in simple terms a credit card receipt showing purchases amount and city and state or zip code would be sufficient. The difficulty has been getting the credit card processing companies to cooperate due to the privacy issues mentioned above.

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