Friday, September 10, 2010

BP (NYSE:BP) Claimants: Take Your Money and Run

While the victims of the BP (NYSE:BP) spill are seemingly faced with a difficult decision to make, I don't think it's that hard: they should just take the claims money and run.

That's not necessarily true about large corporations or businesses in this case, who may benefit from lawsuits and have the money and time to wait things out.

But for individuals and small businesses, it makes little sense to file a lawsuit, hire lawyers, and wait for years in hopes of getting a bigger payout.

And even if they get a bigger payout, the amount will probably simply be transferred to the bank account of a law firm, so what value is there in that?

There's not that much money at stake for individuals and small businesses to make it worthwhile pursuing a bigger pay day, and the stress of going through years of litigation aren't worth it.

The opportunity to make that decision will start in November in relationship to the escrow fund, which is administered by Kenneth Feinberg on the claims side.

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