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Potential claimants under the BP Economic and Property Damages Settlement initially had to decide whether to opt-out of that Settlement before the Court had held the fairness hearing. That opt-out deadline was a necessary step in the timeline of the Settlement, but it is certainly understandable that some claimants may have felt they needed more information to make their opt-out decision.

We’ve talked before about the significance of opting-out of the BP Settlement. Doing so means that an otherwise eligible claimant will not be bound by the terms of the Settlement, but it also means that they cannot later participate in the Settlement. Instead, any recovery sought against BP would have to be obtained through other legal action.

Without a doubt, for some claimants, the decision about whether to opt-out of the Settlement was a difficult one. And even though the opt-out request had to be presented prior to the fairness hearing, the Settlement Agreement included a provision that allows for claimants to revoke their request for exclusion. Earlier this month, the Court extended the deadline for revoking the opt-out request from November 5, 2012 to December 15, 2012.

In its order extending the deadline, the Court also stated that any claimant who revokes their request for exclusion after November 5 must also withdraw any pending objection and waive any and all current or future objections to approval of the Economic and Property Damages Settlement.

Revoking an opt-out request once again opens up the possibility of submitting a claim to the Settlement Program and benefiting from the terms of the Settlement.

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