Thursday, September 9, 2010

BP (NYSE:BP) Attorneys Face Off with Alabama Attorney General

In what is becoming somewhat of a debacle, Alabama Attorney General Troy King met today with lawyers from BP (NYSE:BP) over the lawsuit he filed against them, delaying the payment of claims to residents in the state.

King went against the wishes of Alabama Governor Bob Riley, who understood it would be harmful to file the lawsuit because it would delay the agreed-upon payout for claims for Alabama.

The office of the Governor didn't send a representative to the meeting.

Riley and King obviously disagree on the best route to take in seeking payment from BP, with Riley filing a $148 million claim, which BP had been ready to pay.

When King filed the lawsuit, it unnecessarily complicated the matter, putting everything on hold until it is worked out.

Riley spokesman Jeff Emerson, said in response to why the Governor didn't send a representative, "We're not interested in a confrontation with the attorney general. We're interesting in getting claims paid as quickly as possible."

King has made that an impossibility at this point. BP had no comment on how the meeting went.

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