B.P. Claim Settlements Continue to be Delayed as Claim Center is "Overwhelmed", Says Legal-Bay

- Lawsuit Funding Firm announces sharp increase in B.P. claim funding to start 2013

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Feb 11, 2013, 05:15 ET

NEW ORLEANS, Feb. 11, 2013 /PRNewswire/ -- Legal-Bay LLC, The Lawsuit Settlement Funding Company, announced today that they have seen a sharp rise in both B.P. claim funding applications and funding's for 2013. Legal-Bay says that their B.P. Funding Division's revenues are up over 1000% for the first fiscal quarter of 2013, against the 4^th quarter of 2012 and the quarter is not even half over.

Legal-Bay has been one of the few legal funding firms who have assisted B.P. individual and business victims with getting their lives back in order from the very beginning. And Legal-Bay recently announced in December that they have secured multiple credit facilities totaling $10MM dedicated to large B.P Funding Claims. Legal-Bay has already begun to put that money to use, just as the B.P. Claim process seems to be slowing.

Legal-Bay's legal contacts close to the situation have said that most claims that have been paid are typically within a 10% range of the newly filed claim formula. However, the lawyers have indicated that because the claim center is so inundated with new claims coming in, that the payment process is now taking a lot longer.

"We remain committed to deploying millions of dollars to the region's most affected by the B.P. Gulf Oil Spill. So many of our clients keep saying that they thought they would have their money by now, but it just hasn't happened. And the reality is no one knows when their claims will be paid. Our B.P. Funding program is here to help the so many individuals and business owners in the gulf region with getting their lives back together immediately", commented Chris Janish, CEO of Legal-Bay. "Based on our internal financial projections, we believe that we will need even more capital as more and more B.P. settlement claims are still being filed; and our institutional investors are ready to increase their commitments if needed."

Legal-Bay's B.P. claim cash advances - or B.P. claim loans as referred to by clients- are available in all 5 states affected by the oil spill: Texas, Louisiana, Mississippi, Alabama, and Florida, including Key West, FL as well as Zone's A, B, C, and D. Legal-Bay offers a free price quote on your B.P. Claim Funding and a no-risk transaction that if you lose your claim, you don't need to pay any of the funds back. Funds would only need to be paid back if your claim was ultimately successful. (If you have not filed a claim, it is not too late to do so, however you must act fast.)

To apply for B.P. Claim Funding call Legal-Bay's 24 hour toll free hotline at: 877.571.0405 or by applying directly online at: lawsuitssettlementfunding.com.

Contact: Patty Kirby, Head of Client Relations at Legal-Bay
Ph. 877.571.0405 Email: [email protected]

SOURCE Legal-Bay LLC