Senate Panel Backs $17B In BP Fines For Gulf States

Law360, New York (September 21, 2011, 3:21 PM EDT) -- A U.S. Senate committee approved legislation Wednesday that would give Gulf Coast states as much as a $17 billion share of the fines BP PLC and other companies are expected to pay for liability in the Deepwater Horizon oil spill.

In a voice vote, the Senate Environment & Public Works Committee favorably reported the Resources and Ecosystems Sustainability, Tourist Opportunities and Revived Economies Act, or RESTORE Act, moving the bill to the full Senate.

Introduced by Sen. Mary Landrieu, D-La., the bill would direct 80 percent...
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