Mintz Recovers over $100M for Clients from the SEC BP Fair Fund
Key Facts
- Mintz obtained over $100 million in recoveries for our clients from a $525 million SEC Fair Fund established for Deepwater Horizon Oil Spill compensation
- Our clients’ recoveries equaled 100% of their allowed losses
- Only 40% of the overall claims made to the Fair Fund were allowed
The Situation
Following the Deepwater Horizon Oil Spill, the SEC reached a $525 million settlement with BP, resolving allegations that BP misstated the amount of oil leaking into the Gulf of Mexico. According to the claims administrator, BP investors submitted nearly 100,000 claims to the Fair Fund. The claims administrator determined that only 40,000 of these claims met the eligibility standards outlined in the plan of distribution.
The Approach
Mutual funds and other institutional investors rely on our unique Class Action Monitoring & Recovery Practice, which enables them to recover hundreds of millions of dollars annually. In this case, our team was in frequent contact with both the SEC staff in charge of the BP Fair Fund and the claims administrators to ensure that the legal justifications supporting our clients’ interests were understood and taken into account whenever possible.
The Outcome
The claims administrator awarded over $100 million of the Fair Fund (more than 25% of the distributed funds) to Mintz clients. Mintz clients achieved compensation equal to 100% of their approved losses.
Supporting Professionals
Member / Chair, Institutional Investor Class Action Recovery Practice
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