OilClaim Calculator Software Releases Two Cutting-Edge Solutions for Law Firms, Accountants, and Claims Preparers
In early October 2013, British Petroleum (hereinafter “BP”) had success in the 5th Circuit Court of Appeals in its appeal related to the criteria for “matching” monthly profit and loss statements specifically relating to revenue and variable expenses. The decision of the 5th Circuit will potentially affect over 175,000 Business Economic Loss (BEL) claims and interrupts the cash flow of all claims preparers and the claimants that they represent. BP also recently presented a motion to challenge the Administrator of the DHECC and raise questions regarding determination of causation beyond the financial tests specified in the Settlement Agreement.
In the absence of agreement between BP and the PSC, Judge Barbier, to whom the 5th Circuit remanded the case, directed the Administrator to stay all BEL claims and evaluate them for appropriate “matching”. Judge Barbier ordered the Administrator then to continue processing and payment of only those claims that sufficiently met criteria established by Administrator Juneau in his October 25th Declaration that set out certain tests.
“If you have a claim to submit or have already submitted a claim, you should take steps to protect your client’s claim and your firm’s livelihood. There are two extremely important consequences to consider at this time if you prepare Deepwater Horizon Oil Spill Claims. First, you must consider what will occur if your claim does not pass the newly announced ‘Matching Tests,’ even if the claim satisfied the previous criteria that was published for a successful claim. Or, perhaps even more importantly, you should determine if your claim passes the “matching” criteria so it can be immediately scheduled for payment.
Second, you must consider what will occur if the Deepwater Horizon Class is decertified as part of BP’s recent appeal litigation and your firm’s potential liability if you do not take contingency measures to protect your client’s claims. IT Strategies Group is here to support our clients and the claimants that are in need of relief and have created two new modules of its software to address these challenges,” said Daniel S. Jacobs, VP of Sales for ITSG.
“ITSG is here to service its clients and assist them in protecting their investment. We have recognized the uncertainty created by BP and produced two new solutions in response to the recent requests of our clients. Our client’s are our life blood and supporting them is our mission. As a leader in the BP Claim Industry, ITSG is here to simplify the recent changes that may affect all BEL claims and help our clients in this moment of need. There seems to be some panic created by these developments and we want to reassure clients by offering solutions that protect the claim and allow those claims that meet the “matching test” to proceed to get paid and aid in cash-flow solutions
I. ITSG’s OilClaim Calculator Matching Test Module – As part of the October 3, 2013 announcement that all BP Claims must meet “sufficiently matched accounting” to be considered for payment, the Claims Administrator drafted a Declaration that outlines the 7 Matching Tests that a claim must satisfy to be considered for payment. These 7 Matching Tests are complicated and are an additional burden for law firms, accountants, and claims preparers.
– ITSG’s OilClaim Calculator Matching Test Module will take a new or existing claim and perform all 7 Matching Tests and produce a comprehensive Matching Test Report that should be submitted to the CSSP with each Business Economic Loss claim that passes since they are all subject to additional analysis for “sufficiently matched accounting.” As it stands now, all BEL claims need to be reevaluated.
– The 7 Matching Tests criteria may change over time so ITSG is offering a warranty on all Matching Test Module licenses and any clients will receive free upgrades and free reports of any new and future versions of the Matching Tests if they do change over time. The criteria are expected to change and become less onerous.
II. ITSG’s OilClaim Calculator OPA Presentment Module – According to the news media, there is a potential chance that the Deepwater Horizon Class Action could be decertified, leaving hundreds of thousands of claims undetermined. A contingency plan is wise to exercise. If a claims preparer does not exercise a backup plan for their clients, then they face potential lawsuits for negligence for the face value of each claim in their portfolio, not just for their contingent fee. In addition, claims preparers must protect their client’s claims and do anything in their power to preserve each claim.
– In response to this looming threat, ITSG releases the OPA (Oil Pollution Act) Presentment Module for its clients in the face of the potential nuclear option of the Deepwater Horizon Settlement Agreement being decertified. The OPA Presentment Module allows claims preparers to use the claim data in the OilClaim Calculator software to create an OPA Damage Claim that can be presented properly to the National Pollution Funds Center for payment. If the OPA Presentation Form is not completed properly, and not accompanied with the proper claim report from ITSG’s OilClaim Calculator software, then there is an inherent risk that the claim will not even be considered.
– If the Deepwater Horizon Class is NOT decertified, then the OPA claims will simply be denied and the CSSP will continue processing claims according to the Settlement Agreement
– If the Deepwater Horizon Class IS decertified, then every claims preparer faces liability for negligence and other factors for not taking this action to protect the value of their client’s claims and also the loss of revenue for both the firm and their clients on EVERY single claim.
– There is very limited time to act. OPA Presentment must be made within the statutorily available time, now limited to 4 months approximately, following decertification (if that transpires). It is advisable claims be filed now because if a lawsuit is necessarily filed, attorneys will be unable to respond within the last 30 days remaining following the 90 days during which consideration may be taken by BP.
The OilClaim CalculatorTM software is the only fully automated patent-pending, revolutionary software tool that allows BP Oil Spill Losses to be calculated in a consistent and accurate fashion that outputs a standardized claim report for each file in accordance with the methodologies of the new Settlement Authority per MDL2179 in the Eastern District Court of the USA. This software is a must have for any professional services firm that helps those families and businesses affected by the Deepwater Horizon Oil Spill, such as law firms, accounting firms, and claims preparation firms.
About IT Strategies Group
ITSG a privately held company that has over 25 years of experience in technological developments and specialized areas of computing, including the very latest in Custom Application & Software Design for the insurance, accounting, and legal markets. ITSG is most famous for inventing the OilClaim Calculator™ software that was used to calculate OVER 1 Billion Dollars in Deepwater Horizon Oil Spill claims in excess of 10,000 claimants that were submitted to the court-supervised DHECC. ITSG is headquartered in Fort Lauderdale, Florida. For more information, please contact our sales department at email@example.com, call 1 800 294 0387 or visit the Oil Claim Calculator Home Page at www.oilclaimcalculator.com or follow us on Twitter at https://twitter.com/OilClaimCalcula