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Tom Young

5th Circuit Neuters BP Deepwater Horizon Claim Policy 495 on Matching

A few weeks ago the United States Court of Appeals for the 5th Circuit ripped the heart out of Policy 495’s claimant-unfriendly “matching” methodology. Specifically, the Court held that certain specialized formulas, those used to “match” the “unmatched” profit and […]

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 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 Oil Spill: Is Motion to Reconsider “Matching” Policy 495 Dead?

Last Spring Claims Administrator Patrick Juneau was given the unenviable task of crafting a protocol for sufficiently “matching” otherwise “unmatched” profit and loss statements supporting claims filed pursuant to the BP Settlement Agreement. The result was Policy 495, an eighty-eight page […]

Tom Young

Cleared by SCOTUS, Audit; Juneau & Judge Barbier Should Revisit BP Matching Policy 495

The Supreme Court of the United States yesterday dashed BP’s highest hopes in rejecting the company’s challenge to the Deepwater Horizon Economic & Property Damages Settlement Agreement’s causation protocols. The ruling confirmed the legality of the objective causation standards found […]