BP Deposits $3 Billion in Spill Fund
Breaking Legal News
BP PLC said Monday that it has made an initial deposit of $3 billion into a $20 billion spill-recovery fund.
BP said it was making the deposit earlier than the originally scheduled Sept. 30 deadline to show its commitment to restoring the livelihoods of people affected by the worst offshore oil spill in history. The company said it would make an additional $2 billion deposit in the fourth quarter.
In June, BP agreed to set up the fund following a meeting between company Chairman Carl-Henric Svanberg and then-Chief Executive Tony Hayward with U.S. President Barack Obama and senior administration officials.
BP said the account would be administered by a newly established trust overseen by former U.S. District Judge John Martin and by Kent Syverud, dean of the Washington University School of Law. Citigroup Inc. will serve as corporate trustee.
"We are pleased that BP made an initial contribution and has taken an important step toward honoring its commitment to the President and the residents and business owners in the Gulf region," Associate Attorney General Tom Perrelli said in a statement. "We have made clear that the company still needs to ensure that the necessary funds will be available if something happens to the subsidiary that established the trust and we look forward to completion of an appropriate security arrangement in the near future."
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New York Adoption, Foster Care Litigation and Family Law
Rosin Steinhagen Mendel is a law firm dedicated to serving our clients in New York City, the surrounding counties in southern New York State, and in New Jersey, in the areas of adoption, foster care litigation, and family law.
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Our goal for our lawyers is to provide each of our clients with the best possible representation in all aspects of their cases, and clients appreciate our careful analysis of individual cases, through our preparation and attention to detail.