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Tom Young

PwC, Postlethwaite & Netterville Accountants Should Maximize Value of BP Claims

Hundreds of accountants from PricewaterhouseCoopers and Postlethwaite & Netterville have been hired to evaluate economic loss claims filed by victims of BP’s 2010 Deepwater Horizon oil spill. Despite BP’s public pledge that it would pay all legitimate claims in a timely fashion, here […]

Tom Young

BP claim appeal decision suggests exercise of professional judgment in Policy 495 analysis not required

In a recently published Business Economic Loss Appeal Decision (2015-1232), the panelist held as follows: “[T]he record is clear that five of the Policy 495 criteria for identifying mismatched claims were triggered by Claimant’s financial data. Claimant argues that, given […]

Tom Young

BP Business Economic Loss Claim Appeal Panel Library Updated

The BP Claim Appeal Panel Decision Library found at our sister-site, The Tampa Legal Examiner, has been updated to reflect the latest decisions from various Appeal Panelists as they relate to Business Economic Loss (BEL) claims under the BP Deepwater […]

Tom Young

Judge Barbier Fires Shot Across BP’s Bow

In what has become a common theme in the byzantine litigation that surrounds BP’s Deepwater Horizon disaster, Judge Carl Barbier once again slapped the hand of BP’s counsel for misleading the Court by selectively misquoting precedential case law. In an […]

Tom Young

BP Settlement Policy 495 on matching is here to stay

June 11, 2017: See UPDATE. April 2, 2015: Earlier this week Judge Barbier denied Class Counsel’s long pending Motion to Reconsider Policy 495: Matching of Revenue and Expenses. Class Counsel had sought to limit the application of the policy to […]

Tom Young

BP Settlement – Why Policy 495’s seven volatility screens are not conclusive of insufficient matching

The seven tests, or screens, found in Policy 495, are designed to identify monthly revenue volatility and monthly variable expense volatility within P&Ls submitted in support of claim applications. Under the terms of Policy 495, these seven volatility screens are used to […]

Tom Young

BP Accounting Vendors Parting Ways With Judges Barbier, Clement?

As I have previously written, love it (BP) or hate it (everyone else), Policy 495 was designed to address profit and loss statements containing insufficiently matched expenses and revenues, and it appears to be here to stay. In the real world, […]

Tom Young

BP Settlement Claim Values Plummet – Why?

While Judge Barbier’s late 2013 reversal of his earlier position that the BP Settlement Agreement did not require “matching” was certainly a disappointment, the devastating ramifications of that decision and its progeny are only now becoming apparent. While the statistics provided […]

Tom Young

BP Settlement: Judges Barbier & Clement Say Majority of Accrual BP Claims Inherently Matched

Last year the 5th Circuit Court of Appeals, along with Judge Barbier of the Eastern District of Louisiana, held that profit and loss statements (P&Ls) supporting claims for losses under the BP Deepwater Horizon Economic & Property Damages Settlement must […]

Tom Young

BP Abuses Oil Spill Claims Appeal Process

I have written before about BP saying one thing while doing the opposite. Unfortunately for the people of the Gulf, such is the company’s modus operandi. Case in Point When trying desperately in 2012 to win judicial approval for the […]