Welcome to the BP Fair Fund Website
On November 15, 2012, the U.S. Securities and Exchange Commission (the “SEC” or “Commission”) commenced an action against BP p.l.c. (“BP”) alleging that BP violated federal securities laws when it made material misrepresentations and omitted material information known to BP regarding the rate at which oil was flowing into the Gulf of Mexico as a result of the explosion on the offshore oil rig Deepwater Horizon.
Ultimately, the SEC and BP settled the charges and entered into a Final Judgment. The Final Judgment ordered BP to pay a civil money penalty in the amount of $525,000,000 and authorized the Commission to distribute the civil money penalty to harmed investors pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended.
By Order dated February 14, 2014, the Court created a Fair Fund (“BP Fair Fund”) in the amount of $525,000,000 for distribution to injured investors, and appointed RCB Fund Services, LLC as the Distribution Agent. In February, 2016, the Court approved a Plan of Distribution that sets forth eligibility criteria and other rules governing the administration and distribution of the BP Fair Fund.
If you purchased BP American Depositary Shares on a U.S. exchange during the period from April 26, 2010 through May 26, 2010, you may be eligible for compensation from the BP Fair Fund.
CASE STATUS UPDATE – January, 2017
As of the close of the claim submission period, the BP Fair Fund received more than 70,000 claims from investors claiming losses suffered as a result of the misstatements and omissions by BP plc. We have entered all of the claims into our database, and are currently performing a review of each claim:
i) to verify each investor’s eligibility to recover under the terms of the Distribution Plan;
ii) to assess the adequacy of the documentation of the claimed losses; and
iii) to eliminate ineligible, duplicate or overstated claims.
This detailed claim review process is critical to prevent investor’s recoveries from being diluted by overstated or ineligible claims.
We will begin issuing Determination Notices later in 2017 to each claimant, and will update the website when that process begins. These Notices will provide each investor with detail regarding the status (eligible, partially or wholly deficient, or ineligible) and the approved amount of their claim. The Notice will also detail any deficiency in the claim, with instructions regarding what is required to remedy the deficiency.
As with all such distributions, we must know the final amount of all claims before we can determine the actual payout percentage on eligible losses. Once that is determined, cash distributions can commence. A thorough review of more than 70,000 claims takes some time; we very much appreciate your patience as we move through this process.
Ready to File Your Claim? Begin Today.
Have all the information you need to complete your claim form? You can submit your claim form and attach the documents now.