If you take BP’s settlement by their Nov 24 deadline, you lose your right to sue

The deadline to file a compensation claim for short-term damages from the Gulf oil spill is Wednesday, November 24. The decision on whether or not to file is a gamble. Take BP’s short-term money now, and forever lose your right to sue them.  If you want to hold out for an eventual long-term settlement offer, you are betting against the fishing industry rebounding faster than expected, because, if it does, the long-term payout will be greatly reduced.

According to BP fund czar Kenneth Feinberg, "If they decide a year from now, I'll take the final payment, they're going to have to show prospective damage," Feinberg said in a recent interview. "But my offer may not be available to them a year from now if everything is back to normal."

Do you want to trust BP to give you a fair shake? Consider that many businesses with large claims say that they are getting short changed on what they are owed or not getting paid at all, the Associated Press reported.

Remember, if you choose not to accept a settlement, you retain the option to file a lawsuit. Once you take the money, that option is gone forever.

Not only that, but if you settle now, you may well end up signing away your right to ever sue Halliburton, Transocean or any of the other contractors who may have been responsible for the Deepwater Horizon blowout that triggered the spill. Read more…

Source: Associated Press