New York (HedgeCo.Net) – The lawsuit settlement funding firm for B.P. Gulf of Mexico Oil Spill plaintiffs, Legal-Bay, has been in talks with several foreign institutional hedge fund investors as well as traditional banks to raise more funding capital.
Legal-Bay previously announced that they had secured up to $10 million, specifically for B.P. settlement claims, however, the law firm says the exposure may well be over $7 billion.
“We are seeing large amounts of claims coming in for pre-settlement advances north of $1 million. Speaking to our experts across the Gulf region, they believe BP’s estimate to be rather low. We have secured funds for the smaller claims, but we are now in talks –and actively seeking- more foreign hedge funds throughout London and Ireland, Spain, as well as in Brazil and other South American countries for large BP Settlement Funding in excess of US $1 million,” Legal Bay’s CEO, Chris Janish, said.
Lawsuit Funding in America has become very popular with Off-Shore hedge funds that want aggressive returns, with less risk than the traditional U.S. Equities Markets.
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