Thursday, June 10, 2010

Florida AG Seeks At Least $2.5B Escrow Account From BP


Florida Attorney General Bill McCollum asked BP PLC (BP, BP.LN) to put at least $2.5 billion into an interest-earnings escrow account to ensure money is available to cover potential losses.

The oil giant has pledged to cover all claims related to the oil spill in the Gulf of Mexico.

McCollum, who is running for the Republican nomination for governor this year, said in a statement that in light of the likely "staggering blow" to Florida's economy in the wake of the spill, "it is essential that BP establish immediately a dedicated escrow account solely for the purpose of paying claims and damages to Florida and its citizens."

A BP spokesman wasn't immediately available to comment.

Its American depositary shares closed up 12% Thursday after a 16% slump a day earlier, finishing at $32.78.