Litigation

Litigation on a Large Scale

By David Austin and Barry Goldberg

The State of Alaska has a conflict with BP over royalties and spills on the North Slope.  In order to pursue the case the attorneys are making a request for $4.7 Million from the legislature to fund the lawsuit.

The state of Alaska intends to sue BP PLC for losses incurred by oil spills, pipeline leaks and shutdowns on the North Slope two years ago.

No lawsuit has been filed yet, but the state Department of Law has requested $4.7 million from lawmakers to pay for preparation work and possible litigation this year.

Officials didn't specify how much it would seek from BP, but they estimated the state's losses from the leaks and aftermath at several hundred million dollars.

The House Finance Committee added the money to its operating budget; the House is expected to vote on that budget early next week.The state, which relies on oil taxes and royalties for nearly 90 percent of its revenue, has been investigating BP for months.

Source:  DailyReportOnline.com

Full post as published by Cash Flow Solutions Blog on March 04, 2008 (boomark / email).