BP Fair Fund
Frequently Asked Questions
1. What are the details of the SEC’s settlement with BP p.l.c?
2. Who is eligible to participate in the distribution of the Fair Fund?
You may be eligible for compensation from the BP Fair Fund if you purchased BP American Depositary Shares (“ADS”) during the period from April 26, 2010 until 11:59 p.m. EDT on May 26, 2010.
3. What securities must I have purchased to be eligible to participate in the recovery?
|BP American Depositary Shares||BP||055622104|
4. Who is not eligible to participate in the distribution of the BP Fair Fund?
|A person who served from January 1, 2010 through the end of the relevant period as an officer or director of BP, or any subsidiary or affiliate of BP directly involved in the conduct detailed in the complaint;|
|An employee or former employee of BP or any of its affiliates who has been terminated for cause, or has otherwise resigned, in connection with the conduct described in the complaint;|
|A person who, as of the claims bar date, has been the subject of criminal charges related to the conduct detailed in the complaint, unless and until such defendant is found not guilty in all such criminal actions prior to the claims bar date, and proof of the finding(s) is included in such defendant’s timely filed claim form;|
|A defendant in SEC v. Keith A. Seilhan, 2:14-cv-00893-CJB-SS (E.D. LA.);|
|An affiliate, assign, creditor, heir, distributee, spouse, parent, child or controlled entity of any of the foregoing persons or entities described in i-iv above;|
|The Distribution Agent and those persons assisting the Distribution Agent in its role as Distribution Agent; or|
|A purchaser or assignee of another person’s right to obtain a recovery from the Fair Fund for value; provided, however, that this provision shall not be construed to exclude those persons who obtained such a right by gift, inheritance, devise or operation of law.|
5. I was a BP employee and acquired ADS through an employee benefit program. Do these shares qualify me for a payment?
BP Employee Savings Plan; BP Partnership Savings Plan; BP DirectSave Plan; BP Capital Accumulation Plan; BP Excess Compensation (Savings) Plan; BP Excess Benefit (Savings) Plan; Deferred Compensation Plan; Deferred Compensation Plan II; BP Deferral Savings Restoration Plan
The trustee of each of the above-listed plans will file a claim on behalf of the particular plan’s participants with respect to BP ADS purchased during the relevant period through the plan. Individual participants do not need to take any action in connection with this claim. Any settlement proceeds received by a particular plan will be allocated to participants by the trustee.
If a plan or program is not listed above, it was generally determined the program did not involve an eligible investment in BP ADS securities. If you believe your participation in a BP employee benefit program did involve an eligible investment in BP ADS during the relevant period, you may submit a claim and we can determine the eligibility of the transactions after the claim has been fully reviewed. Any participants that held shares of BP ADS directly (outside of an employee plan) must file a separate claim relating to those shares.
6. Do the shares I purchased by reinvesting dividends qualify for recovery?
7. What is considered the official date of purchase (or sale) of my shares of stock?
8. I inherited (or received as a gift) shares of BP ADS. Am I eligible to file a claim?
The Claim Form
9. How do I apply to participate in the BP Fair Fund? How do I file a claim?
If you would like to apply to participate in the BP Fair Fund, you must submit a completed claim form that is postmarked on or before October 11, 2016. You may submit your claim form in one of the following ways:
|You can file your claim using our online claims system here. You will enter all of your information directly into the online claim form, scan your supporting documentation, and upload the supporting documentation to your claim form. If you are unable to scan your supporting documentation, you can mail the supporting documentation directly to the Distribution Agent at the address provided herein. If mailing supporting documentation, you will be directed to print off a cover sheet from the website to include with your mailing. This will ensure your documentation is included with the appropriate claim.|
If you prefer to complete and mail a paper claim form, you can download and print one here. Read and complete all required fields in the claim form, attach all necessary supporting documentation and mail the completed to:
BP Fair Fund P.O. Box 6980 Syracuse, NY 13217-6980
You can ask the Distribution Agent to mail you a claim form by calling toll free (866) 344-7868, sending an email request to [email protected] or by writing to the address included above. Remember to provide your complete name and mailing address. Upon receipt, read and complete all required fields in the claim form, attach all necessary supporting documentation and mail the completed claim form to the Distribution Agent.
10. What is the deadline for submitting the Claim Form?
The claim form must be postmarked on or before October 11, 2016.
11. Do I need to submit supporting documents with my Claim Form?
Yes. You must provide with your completed claim form documentation of (a) the number of shares you held as of the opening of trading on April 26, 2010, if any; (b) all purchases and sales of BP ADS between April 26, 2010 through 11:59 p.m. EDT on May 26, 2010; and (c) the number of shares you held as of May 26, 2010, if any. Please be sure the documentation confirms the details provided in your claim form. All documentation must include adequate identifying information (i.e., your name and account number must appear on all documentation submitted). Handwritten modifications to the documentation or self-generated schedules or statements will not be accepted. Please do not send the originals of your supporting documentation; be sure to provide copies. Documentation should list the security, type of transaction, date of transaction, number of shares, and total amount of the transaction. The types of documents that should be submitted to support your claim include:
- monthly brokerage or other investment account statements;
- trade confirmation slips; or
- a signed letter from your broker on firm letterhead verifying the information you have provided in the claim form.
If you do not submit documents with your claim form to verify your holdings and transactions in BP ADS during the relevant period, we will be unable to validate your claim. Notices detailing any deficiencies in your claim will be mailed at a later date and you will have an opportunity to submit additional supporting documentation at that time.
12. What if I cannot provide all the supporting documents with my Claim Form?
13. Will my information be kept confidential?
14. Why does the Claim Form ask for my phone number and email address?
15. Why does the Claim Form ask for my Social Security Number (“SSN”), Tax Identification Number (“EIN”) or Passport ID Number?
16. I purchased shares of BP ADS, but they were held in my broker’s name. Who should complete the Claim Form?
17. I held shares of BP ADS in more than one account. Should I file a separate Claim Form for each account?
18. If I was a co-owner of BP ADS, do we both need to sign the Claim Form?
19. What should I do if the investor has died? How should the Claim Form be completed?
If the beneficial owner of the shares of BP ADS has died, and would have otherwise met the eligibility requirements of the BP Fair Fund, the estate or the legal heirs may be eligible for a distribution. The executor or administrator of the estate should sign and submit the claim form denoting his or her title (for example, “Executor of the Estate of John Doe”) on the signature page. If no estate was opened, or the estate is now closed, all the legal heirs of the investor should sign their names on the claim form, and add the word “Heir”. In either circumstance, you must attach copies (please do not send originals) of any legal documentation providing evidence you are the executor or Distribution Agent of the estate, or the legal heir of the deceased. If you had a co-owner of the shares of BP ADS who has died, you should sign the claim form yourself, and send copies of documents that show:
|The co-owner has died (for example, a copy of the death certificate); and|
|You are legally entitled to the co-owner’s interest in the shares of BP ADS.|
After Your Claim Form Is Submitted
20. Will I be notified whether my claim was received by the Distribution Agent?
21. Will I be notified whether my claim is accepted, rejected or deficient?
22. How much will I be paid if I am eligible?
|Inflation Period||Start Date||End Date||Inflation per ADS|
|1||April 26, 2010||April 28, 2010||$14.34|
|2||April 29, 2010||May 2, 2010||$9.26|
|3||May 3, 2010||May 20, 2010||$6.61|
|4||May 21, 2010||May 23, 2010||$5.19|
|5||May 24, 2010||May 26, 2010||$3.82|
|May 27, 2010||—||$0.00|
Your eligible loss will be computed for all purchases and sales of BP ADS during the relevant period, and then added together to arrive at your total eligible loss amount. Please note that your eligible losses will be used to determine the amount of your distribution payment from the Fair Fund; however, if the aggregate losses of all claimants exceeds the value of the Fair Fund, the Fair Fund will be distributed to eligible claimants proportionately based upon the ratio of the eligible losses of each claimant to the aggregate eligible losses of all eligible claimants. You can read a more detailed explanation of the plan of allocation and how distribution payments are calculated, including examples showing the application of the methodology, in the Distribution Plan which is available on this website.
23. Will I have to pay taxes on my payment?
24. What should I do if I move after I submit my Claim Form?
BP Fair Fund
P.O. Box 6980
Syracuse, NY 13217-6980
Effect of Submitting a Claim
25. Am I giving up any legal rights by filing a Claim Form?
26. Is this case a class action?
27. I am an institutional filer; may I file my claim electronically?
Yes. The Distribution Agent has established a procedure to enable institutional filers to submit claims electronically. The electronic filing template is available here.
28. Will the Distribution Agent ship blank claim forms to an institutional filer in bulk so that the institutional filer can mail them directly to clients?
No. The Distribution Agent will not mail bulk quantities of blank claim forms or other materials to an institutional filer. The claim form and all other relevant material can be downloaded directly from the Fair Fund website here, or you may direct your clients to submit their claim using the online claim filing option available here.
Getting More Information
29. I still have some questions. Who can I contact?
- Call toll-free (866) 344-7868 (Domestic) or (315) 671-5770 (International), Monday through Friday between 8:30am and 5:00pm, Eastern Standard Time;
- Send an email to us at [email protected]; or
- Write to:
BP Fair Fund P.O. Box 6980 Syracuse, NY 13217-6980