BP Deposits $3 Billion in Spill Fund
Headline 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."
Related listings
-
Mo. man pleads guilty in 10-fatality Okla. wreck
Headline Legal News 08/03/2010A former Missouri truck driver charged in the deaths of 10 people in a northeast Oklahoma traffic collision has been sentenced to 30 days in jail and 10 years probation.Ottawa County District Attorney Eddie Wyant said in a statement that 77-year-old ...
-
Murder conviction of mom reversed in California
Headline Legal News 08/03/2010An appeals court panel has reversed the murder conviction of a mother accused of driving her teenage son and his friends to a Southern California park where a 13-year-old rival gang member was stabbed to death.The 2nd District Court of Appeal panel r...
-
Judge delays injunction in Neb. immigration suits
Headline Legal News 07/29/2010A judge says she's not sure whether lawsuits filed to block a Nebraska city's ban on hiring and renting to illegal immigrants should be heard in federal or state court.U.S. District Judge Laurie Smith Camp on Wednesday gave attorneys for the American...
Nicholas C. Minshew - Minshew & Ahluwalia LLP
Nicholas C. Minshew, Attorney at Law, concentrates his practice in the area of Family Law including divorce, separation, child support, child custody, alimony, division of property, separation agreements, domestic violence, prenuptial agreements, and child support enforcement & modification. Mr. Minshew provides legal services to clients in Washington, D.C., and throughout Maryland, including Montgomery County, Frederick County, and Prince George’s County. Mr. Minshew obtained his Juris Doctorate degree from the American University, Washington College of Law in 2000, where he worked as an editor for the Administrative Law Review. After receiving his law degree, Mr. Minshew worked as an attorney for the global law firm of Morgan, Lewis & Bockius LLP, and for Leonard Street & Deinard LLP representing companies in Federal proceedings. During that time, Mr. Minshew redirected his focus to provide legal services directly to individuals and families.