The Settlement Program funded by Transocean and Haliburton is still in the process of being finalized. This program settles all punitive damage claims against these companies. The Claims Administrators recently released a status update, which provides an estimated timeframe as to when these claims will be resolved and paid. It is being called the “New Class.”
The New Class is composed of “New Claims” and “Existing Claims.”
New Claims are those claimants who opted-out of the DHCC, but otherwise qualify to participate in the New Class. These claimants must file a claim form to participate.
Existing Claims received a settlement through the DHCC and qualify to participate in the New Class. These claimants do not need to file a claim form.
Because the New Class settlement will be divided among the total number of claimants, all remaining claims pending in the DHCC must be finalized before payments to the New Class can begin. You will find the full report attached. Here are the primary highlights of the update:
- Remaining Claims in DHCC
- The Administrators anticipate these claims to be finished toward end of 2017.
- Old Class (composed of claims that were resolved in the DHCC, but do not qualify to participate in the New Class)
- First, all outstanding DHCC claims must be resolved so they can determine the total number of claimants
- Then, pro rata, or proportional, distribution will be determined
- No additional action on the part of the Old Class members required.
- Distributions are likely to occur 2-3 months following the closure of the DHCC
- New Class (composed of New Claim and Existing Claim)
- Currently, the Settlement Program is in the process of determining the validity of all New Class claims to see if they actually qualify to participate in the New Class
- If everything goes as it should, Court estimates that New Class review, determination, and internal settlements program review process will be complete in late fall 2017.
- New Claim deficiency and no loss letters related to New Claim filings will begin being mailed out on a rolling basis in May 2017.
- New claim determination letters for individuals and entities with a loss will begin mailing as early as July 2017.
- New Claim have a right to appeal determinations, which will result in re-review of the claim and all supplemental docs provided. A written appeal determination notice will be sent with the outcome. Then, the Claimant will have opportunity to request Court review.
- For claims whose determination value will be calculated based on existing DHCC data (“Existing Claims”), it is anticipated that the entire process (sending the DHCC data for relevant claim types, reviewing for accuracy, issuing notifications to individuals, entities, and/or counsel, allowing for appeals, establishing the final pro rata distribution for each claim category, and issuing payments) should require 4-6 months after completion of the DHCC determinations in the Fall 2017 in order to complete the task necessary to effect distribution.
To view the status reports, click the links below: