Florida AG Asks BP for $2.5B in Escrow for State

Florida Attorney General Bill McCollum today sent a letter to BP (BP) asking the oil giant to deposit no less than $2.5 billion into an interest-earning escrow account.

“Based on recent estimates from an economist, Florida could ultimately see losses as great as $2.2 billion, as well as a sharp decline in employment in the industries directly impacted by the Deepwater Horizon oil spill,” wrote the Attorney General. “As Florida braces for what will likely be a staggering blow to its economy with significant impacts to our state’s workforce and the revenues of the state and local governments, 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.”

Copy of McCollum’s Letter

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