Common Contracts
1 similar Settlement Agreement contracts
RULES GOVERNING THE SEAFOOD SUPPLEMENTAL DISTRIBUTION CALCULATION OBJECTION PROCESSSettlement Agreement • May 31st, 2021
Background: The Deepwater Horizon Economic and Property Damages Settlement Agreement, as amended on May 2, 2012 (the “Settlement Agreement”), called for BP to finance a $2.3 billion Seafood Compensation Program Settlement Fund (the “Settlement Fund”). The Settlement Agreement states that any balance available after the first distribution will be distributed to each claimant in proportion to the claimant’s gross compensation, unless the Court-Appointed Seafood Neutrals (the “Seafood Neutrals”) recommend a different formula. On September 19, 2014, the Seafood Neutrals submitted to the Court their Recommendations for the Seafood Compensation Program Supplemental Distribution (the “Recommendations”). The Seafood Neutrals recommended that if a claimant or BP disagrees with a claimant’s award in Round Two, the challenge must be limited to whether the formulas described in Sections II (A) and III (F) of the Recommendations were properly implemented with respect to the individual claim at issu
