Gulf spill update: What should damaged companies do?

✍ Scribed by Leigh Redd Johnson; Holly R. Rudolph

• Book ID: 102299074
• Publisher: John Wiley and Sons
• Year: 2011
• Tongue: English
• Weight: 170 KB
• Volume: 23
• Category: Article
• ISSN: 1044-8136
• DOI: 10.1002/jcaf.21718

✦ Synopsis

Abstract

A year after the Deepwater Horizon oil spill in the Gulf, many of those affected are still trying to recover economic damages caused by the horrific widespread accident. Those damaged include fishermen, property owners, hoteliers, and restaurateurs, just to name a few. And there are many, many thousands of them.

Lots of victims have filed lawsuits against BP, Transocean, and Halliburton. There are hundreds of federal cases, representing over 100,000 plaintiffs. Others have filed claims with the BP‐sponsored Gulf Coast Claims Facility (GCCF).

But what are the best options for businesses damaged by the disaster? This article examines the current status of GCCF payments and litigation. It also explores the advantages and disadvantages of each option. © 2011 Wiley Periodicals, Inc.