DOJ, BP Finalize Oil Spill Escrow Fund

U.S. Associate Attorney General Tom Perrelli issued the following statement this morning regarding the Department of Justice (DOJ) and BP finalizing plans to establish a $20 billion fund to award claims made by individuals and businesses impacted by the Gulf oil spill:

“Today, the department announced that it had completed negotiations to establish a $20 billion fund to provide the necessary resources to those suffering from the effects of the oil spill in the Gulf of Mexico. We are 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. We have made clear that the company still needs to ensure that the necessary funds will be available if something happens to the subsidiary that established the trust and we look forward to completion of an appropriate security arrangement in the near future.”