BP Deposits $3 Billion in Spill Fund
Business Law
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."
Related listings
-
Mich. oil pipeline shut down for work before spill
Business Law 08/04/2010Federal regulators say a company shut down a Michigan pipeline for planned maintenance hours before 911 calls about odors in the area where a massive oil spill was reported the next day.National Transportation Safety Board officials told reporters Mo...
-
Firms crack down on staffers' posts on social media sites
Business Law 08/02/2010Domino's still has nightmares about a prank video posted on the social networking site, YouTube, that got two employees in trouble with the law and tarnished the pizza chain's reputation. The Ann Arbor-based company became an instant Internet sensati...
-
Coal companies eye targeting congressional Dems
Business Law 07/29/2010A leading Appalachian coal company is asking its counterparts to pool their money for a political offensive against Democrats in Kentucky and West Virginia.International Coal Group is calling on other mining companies to join an initiative that would...
Victorville CA DUI defense Attorneys
The outcome of a DUI defense will have a long-term effect on anyone’s life, making the decision to receive legal representation an easy one. The fact is, most people accused of a DUI are first offenders with no criminal background. Whether this is your first run in with the law or you have had previous convictions, you are in need of a DUI defense attorney.
The charges you are facing for a DUI range from fines, a 12-month suspension on your license and worst-case scenario, prison time. Your attorney will be able to analyze your situation to decide the best way to go about your case.
Our attorneys know the tricky ways to challenge all of the DUI tests and know how to claim improper collection of evidence. We will be able to negotiate on your behalf and free you from charges and help you keep your drivers license. The DUI process can last up to several months, we can make this process easier on you. .