Now that full details of the BP Settlement are public since it was filed in court last week, it is no doubt being carefully studied and analyzed by countless individuals and their attorneys and accountants to assess its impact in individual situations. Attorneys for BP and the Platintiffs’ Steering Committee have proposed to the court that any objections to the Settlement be filed by August 31.
So who can file an objection? And what exactly can they object to?
The Settlement establishes and objection procedure for “class members”. That is, individuals and entities who are directly affected and potentially bound by the terms of the Settlement.
Any objection made by a class member is essentially about one issue: whether or not the Settlement Agreement is “fair, reasonable and adequate”. That is the very question that the judge overseeing the Settlement will ultimately have to decide when approving the Settlement. Class members may also object to the attorneys’ fees and expenses portion of the Settlement.
The objections must be presented in written form and include a statement of the objection; the class member’s name, address and phone number; written proof that the individual is in fact a class member; and any additional supporting materials that the objecting individual wishes the Court to consider.