Here are the facts: On April 20, 2010, the Deepwater Horizon disaster began. Shortly thereafter, BP said that it would pay all claims relating to the disaster. Attorney Generals for Louisiana and Alabama went ahead and filed suit. Gov. Haley Barbour (with whom Simpson said he was "leading" while Hood was "waiting") asks AG Hood not to file suit against BP. Specifically, Gov. Barbour said "BP is paying claims by the thousands. If you go to court, that's going to stop all that." (Here are some articles discussing Barbour's request in detail.)
As for Hood getting campaign contributions for waiting, that makes absolutely no sense whatsoever. No lawyer worth his salt would rather wait to file suit. You would want to do that ASAP. So that's another part of this that is absurd.
Here's Attorney General Hood's official response:
“Mr. Simpson is patently playing politics with this absurd charge. While Simpson has been a no-show on this issue, Jim Hood has led the effort to hold BP and Ken Feinberg accountable to Coast residents. His record on this is clear. Simpson needs to make up his mind and decide whether he's on the side of Feinberg and BP or on the side of Coast residents. Even Simpson's own boss, Gov. Barbour, asked the Attorney General in July 2010 to hold off suing BP until the claims-paying process was complete. Simpson's logic is flawed and non-sensical.”