Many area businesses may not be aware that they qualify for a settlement from BP’s Deepwater Horizon settlement. Under the Deepwater Horizon Settlement Agreement, BP established 7.8 billion dollar settlement and Louisiana and Gulf Coast businesses who suffered economic loss in 2010 may be entitled to a stake in that claim. The deadline to file a claim is Nov. 1, 2012.

“Many local business owners may not realize that they qualify to make a claim because the causation analysis is so attenuated,” says local attorney Stephen Babcock. “Eligibility is not limited to fishermen and those directly affected by the spill but also businesses like restaurants or landscaping companies who may have indirectly suffered,” adds Babcock.

All businesses in Louisiana fall within a covered economic loss claim zone and potentially have a claim under this settlement. Businesses are entitled to compensation if they can show the required a “a dip and rebound” in its monthly revenue. The state has been broken into four economic loss zones and accounting formulas applied in determining causation vary depend upon which zone the business is located within.

To file a claim, business owners must opt-out of the Settlement by Nov. 1, 2012.

Additional information and resources including the complete list of criteria as well as a map of the zones are available at on Babcock Partners website, www.babcockpartners.com/blog/does-your-business-have-bp-business-claim