BP (NYSE:BP) Being Sued by Alabama Attorney General

Alabama Attorney General Troy King announced on Thursday he will sue BP (NYSE:BP) in order to make up for lost tax revenue because of the Macondo oil well spill in the Gulf of Mexico.

King let it be known he was dissatisfied with government-appointed escrow fund czar Kenneth Feinberg, along with BP, for their handling of claims made against the company.

Concerning the recovery of funds, King said, "Make no mistake - we will be ready and we will pursue all violations of our state's statutes and regulations and we will obtain complete financial restitution for all losses and impacts."

Republican Robert Bentley, a state representative running for governor, said the effects of the oil spill may have a negative impact on General Fund budgets and the state education budget as well. He is a member of the committee which oversees and prepares the education budget for Alabama.

Representing the state in the lawsuit will be Balch Bingham, based in Alabama. They will receive as high as 14 percent of what is recovered from the litigation.