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BP to Create $20 Billion Fund for Oil Spill Victims
Published on 08/10/2010
The Department of Justice and BP announced that they have finished negotiations and have agreed that BP will implement a $20 billion dollar trust for those affected by the Deepwater Horizon oil disaster. The Justice Department also announced that BP has already made a $3 billion dollar initial deposit to this fund.
The oil company must still ensure that it has the necessary funds for the trust, particularly if something happens to the subsidiary of BP which actually established the trust.
A $2 billion dollar deposit will be made to the trust during the fourth quarter of 2010 and $1.25 billion will be placed into the trust during every following quarter until $20 billion is reached.
