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Tom Young
Tom Young
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BP Settlement Numbers As Opt-Out Date Quickly Approaches

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This is a big week for the BP Settlement. November 1 is the deadline for eligible claimants to submit their opt-out notices, stating that they do not wish to be bound by the terms of the Settlement. Following this opt-out date, the Court will soon move to the fairness hearing, the last step before final approval of the Settlement.

But as most eligible claimants are aware, the Settlement Program has been operating for nearly six months already, with thousands of individuals and businesses already seeing resolution of their claims and payment offers being made. Just how big has the impact of the Settlement been to date? The latest report from the Court-Appointed Settlement Program Administrator gives us some insight:

Nearly 75,000 complete claims forms have been submitted to the Settlement Program across the Gulf Coast Region.

But perhaps the biggest number to look at is the much-needed money that is now coming into the Gulf Coast Region. Already over $256 million has been paid out to claimants and another $600 million in offers has been accepted.