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$3 billion deposited by BP in relief fund for victims
by Joseph Ernest August 9, 2010
Newscast Media -- According to BP officials, after completing talks with the US Department of Justice, BP had deposited $3 billion into a $20 billion compensation fund for the oil spill victims.
The fund, called an escrow account, was set up by the oil giant to compensate victims of the Gulf of Mexico spill. BP's response has cost $6.1bn already. Meanwhile, BP's relief well will reach the damaged well by the end of the week and start the final "kill", the government's incident commander said.
An additional deposit of $2bn will be made in the fourth quarter by BP, with deposits of $1.25bn being deposited each of the following quarters until the $20bn has been paid in full. Story continues below...
"The purpose of the escrow account was to assure those adversely affected by the spill that we indeed intend to stand behind our commitment to them and to the American taxpayers," BP's incoming chief executive Bob Dudley said in a statement.
Associate Attorney General Tom Perrelli later said the justice department was "pleased that BP made an initial contribution and has taken an important step toward honoring its commitment to the president and the residents and business owners in the Gulf region".
The account will be overseen by lawyer Kenneth Feinberg, who managed compensation claims made by victims of the 9/11 attacks. Add Comments>>
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