Final BP spill settlement close

MOBILE, Ala. (WALA) - FINAL SETTLEMENT CLOSE

For more than 100,000 people and businesses on the Gulf Coast, the BP settlement will be the last chapter in the recovery after the 2010 oil spill.

The final copy of the settlement is now in the hands of U.S. District Judge Carl Barbier. In the settlement, BP estimates it will pay $7.8 billion to settle all claims, but that number is uncapped and could go much higher.

Independent claims adjuster Kelly Johnson said, "While the $7.8 billion was floated by BP as an estimate of what they think they're going to pay, but we don't think that's anywhere close to accurate."

NEED TO REAPPLY...

Johnson has worked with BP in the past and is very familiar with the new settlement. He told us once the process is set up, a lot of folks who have turned in claims in the past will need to reapply.

"If you've not accepted a final offer; if you've not accepted a final release and covenant not to sue and you have losses, then you need to go back through the process to see where you're numbers fall within a new methodology," Johnson said.

And that new methodology for the claims will be very specific.

"We have got to show detailed monthly profit and loss statements, yearly tax returns from 2007, 2008, 2009, 2010, and 2011. There are so many things that come into play. It's not just a standard, let me sit down with my Texas Instrument calculator and do it," Johnson said.

All that though will have to wait for the judge's signature.

GOODBYE FEINBERG

If you're wondering, Ken Feinberg and the Gulf Coast Claims Facility will have no part in the new claims process. Louisiana civil mediator Patrick Juneau will administer the new claims system.