Friday, June 4, 2010, Kershaw, Cutter & Ratinoff filed suit on behalf of Gulf of Mexico residents, including fishermen and shrimpers, who have been economically injured by the Deepwater Horizon oil spill.
The economic damage caused by this ongoing disaster is staggering. A May 5 report estimated a $4.3 billion economic loss as a result of the spill, mostly to fisheries and tourism. Nathaniel Karp, a chief economist from the BBVA Compass Bank in Birmingham, Alabama that issued the report, said that number may even be too low: "I’m more worried now. Even if we start seeing some positive results now in terms of the leak, you still have all that oil.”
A more recent policy analysis estimated losses to just the Louisiana commercial fishing industry at $2.4 billion.
Federal statistics show that the Gulf provides about 73% of the nation’s shrimp. Because of the oil spill, nearly a quarter of the Gulf is now closed to seafood harvesting, and the environmental disaster shows no signs of letting up.
"So far, it’s been devastating,” said John Williams, executive director of the Southern Shrimp Alliance and owner of a seafood shop in Tarpon Springs.
"It’s the worst time in the world for this to happen in our industry. Because our shrimp are moving offshore right in those underwater plumes,” he said.
KCR Attorney, John R. Parker, Jr., stated, "Given the scope of the economic and environmental devastation being caused by this catastrophe, it is shocking that both BP and Transocean, the foreign-owned companies that were in charge of the Deepwater Horizon oil rig and well, intend to issue billions of dollars in dividends to their shareholders. I hope and pray that the leak is stopped as soon as possible, and that a comprehensive clean-up proceeds swiftly. In the case we have filed, our firm intends to hold BP, Transocean, and all the other responsible parties fully accountable for the harm they have caused to working Americans.”
Considering the hard times many in the Gulf have already faced, this catastrophe has left far too many Gulf residents in a horrific situation.
Are you a resident, worker or business owner who has been impacted by the Deepwater Horizon oil spill in the Gulf of Mexico? We would like to hear from you. Please utilize our contact form or live chat (see the link at the upper right hand corner of this page) to tell us about your situation.