Law Firm Clarifies Scope of Uncapped BP Oil Spill Settlement for Thousands of Clients in Gulf Area

Law Firm Clarifies Scope of Uncapped BP Oil Spill Settlement for Thousands of Clients in Gulf Area

Farrell & Patel Helps Businesses and Residents Understand Effects of Ruling and Parameters for Claims

Farrell & Patel, Attorneys at Law, noted for their work in offering counsel for businesses and individuals impacted by the Deepwater Horizon oil spill are reaching out to the Gulf region this week to educate clients of their options following the new information from the settlement statement made by BP on March 2, 2012.

“Misinformation is being circulated after this weekend’s announcement, and we’re finding that many businesses and individuals along the Gulf Coast don’t fully understand the details of the settlement or how it may affect their case,” said Ricky Patel, a partner in the law firm. “We want to provide them with timely, sound advice to understand their options. For example, the compensation fund being talked about in the media, $7.8 billion is just a settlement estimate made by BP. We think BP’s numbers are extremely conservative considering there are hundreds of thousands of cases that have not yet been filed. There is actually no monetary ceiling placed on BP’s liability under the settlement.”

Patel further explains, “BP is obligated to pay all claims and expenses found due under the terms of the settlement. Assuming their statement about transparency, more relaxed standards, efficiency, and expanded coverage are accurate, we value the amount to be far in excess of the $7.8 billion being reported, exclusive of fines and penalties. In fact, the actual amount of compensation for claimants is uncapped. We believe this is an important point to clarify.”

In addition to helping disparate groups affected by the spill understand the legal ramifications of the settlement, the firm is working closely with the Asian American Hotel Owners Association (AAHOA), the largest organization of hotel and motel owners in the country serving as a unified voice for 60 percent of the hospitality industry. Farrell & Patel currently represents over 2,000 hotels and tourism-related businesses in the Gulf region in their claims against BP.

“It’s important that people are aware of the parameters for this settlement. The scope of those now eligible for payout and the term of their potential compensation will be expanded to include protections for long term health concerns and monitoring delayed illnesses that are found to have a link to the spill and its cleanup,” said Patel. The BP settlement establishes a program to monitor claimants’ health for a period of 21 years. People whose physical symptoms haven’t yet developed will also be able to pursue claims in the future.

Businesses and residents in the affected areas should seek professional legal counsel to determine their eligibility. “Every case is unique and complex. Decisions on the best course of action for potential claimants should be highly personalized,” said Patel.

“We feel it’s critical for people in the Gulf states to clearly understand new options and how best to access potential compensation for their personal and business losses, as well as their physical and mental health, now and into the future,” said Wesley Farrell, founding partner of the firm. And the history of our country cites numerous disasters in which the full effects of contamination aren’t revealed until the news headlines dim,” he concluded.

About Farrell & Patel

Farrell & Patel, Attorneys at Law, (www.farrellpatel.com) with offices in Miami and Houston, is experienced at representing individuals and businesses in all facets of litigation. The firm is committed to serving the legal needs of clients across the United States. Core practice areas include civil litigation, business disputes, complex franchise litigation, mass tort, real estate, economic damage claims, intellectual property, bankruptcy, tax matters and immigration. They strive to provide clients with the best legal representation available and have the resources, infrastructure and connections to take on the most challenging cases.

Note to media:

1) Partners Wesley Farrell and Ricky Patel are available to the media for questions.

For Farrell & Patel
Media Contact:
Jack Glasure, 813-415-4454
jglasure@ignitionbranding.com