BP Agrees to Create $20B Fund

Gulf Disaster

Updated Apr. 25, 2017 9:45AM EDT / Published Jun. 16, 2010 8:21AM EDT

This ought to make up some for President Obama's lackluster speech. In a development from Obama's big White House meeting with BP CEO Tony Hayward and other officials, BP has agreed to create a $20 billion escrow fund to compensate victims of the oil spill. The deal is not final, and Obama is still hammering out the details with BP and his advisers, but it appears that it will be administered independently by Kenneth Feinberg, the man who oversaw the 9/11 victim compensation fund. Also, BP will have several years to deposit the full $20 billion into the account.

Read it at The New York Times

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BP Agrees to Create $20B Fund