GCCF Makes "Four Times" Payment Methodology Retroactive To Those Who Previously Accepted "Two Times" Payment Offers
As expected and previously communicated by SSA (see SSA's December 21, 2011 Member Alert: http://www.shrimpalliance.com/new/?p=1023), the Gulf Coast Claims Facility (GCCF) has made the decision to apply the "four times 2010 losses" methodology for claimants in the shrimp and crab industries to claimants who previously settled for "two times 2010 losses." Following the GCCF's November 30, 2011 announcement to increase settlement amounts for shrimp and crab industry claimants, SSA actively lobbied GCCF Administrator Ken Feinberg to retroactively apply the revised methodology to claims that previously had been settled (see, for example, SSA's December 13, 2011 letter to the GCCF regarding this issue (http://www.shrimpalliance.com/new/wp-content/uploads/2011/12/December-132011-Feinberg-Letter.pdf). SSA's primary concern was that certain of its members and others in the shrimp industry had accepted "two times" settlement offers out of desperation and, as a result, would not have received the compensation that they deserved. The GCCF has informed SSA that its efforts were instrumental to the GCCF's decision to make this change.
Below is the GCCF's notice regarding this issue, which also can be viewed at http://www.gulfcoastclaimsfacility.com/.
GCCF Notice Regarding Retroactive Application of the November 30, 2011 Second Modification to the Final Payment Methodology Regarding Shrimp and Crab Harvesters and Processors
Shrimp and Crab Harvester and Processor Claimants who have signed a Release and Covenant not to Sue are not legally entitled to any further payments. The GCCF has, however, determined to voluntarily true-up payments to four times 2010 losses to Claimants who signed a Release and Covenant not to Sue for a Full Review Final Payment prior to the November 30, 2011 Second Modification to the Final Payment Methodology
<http://www.gulfcoastclaimsfacility.com/METHODOLOGYC_11302011_v2.pdf>. Claimants who filed Quick Payment Final Claims will not be eligible for true-up payments.
The GCCF will review all claims subject to the above modification. Claimants will not be required to submit a supplemental claim form. All claimants who are eligible to receive this additional payment will receive notification from the GCCF.