Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

BP deposits $3 billion into claims fund

By Terry Frieden, CNN Senior Producer


WASHINGTON (CNN) -- The Justice Department announced Monday that the details have been completed for establishing a $20 billion escrow account that BP has promised to fund.

The money will pay for claims to those who suffered from the effects of the Gulf Coast oil spill.

After BP (BP) announced it had made a $3 billion deposit into the account, Associate Attorney General Tom Perrelli issued a statement confirming the action.

"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," Perrelli said.

Perrelli led the Justice Department team that negotiated the agreement with BP to establish the fund to pay "legitimate" claims. To top of page

Search for Jobs

Index Last Change % Change
Dow 20,661.30 -6.71 -0.03%
Nasdaq 5,821.64 27.82 0.48%
S&P 500 2,348.45 4.43 0.19%
Treasuries 2.40 -0.04 -1.64%
Data as of 4:26am ET
Company Price Change % Change
Bank of America Corp... 22.94 -0.08 -0.35%
Ford Motor Co 11.77 0.05 0.43%
Advanced Micro Devic... 14.10 0.28 2.03%
Nike Inc 53.92 -4.09 -7.05%
Wells Fargo & Co 55.33 -0.52 -0.93%
Data as of Mar 22
Sponsors

Sections

The typical plan on the individual market would have a deductible of $4,100, an increase of 61%, according to a Kaiser Family Foundation report. More

The advertiser backlash to Google is growing. Major brands have halted ads on certain Google platforms after learning their promotional posts were appearing alongside extremist content. More

Your credit score plays a major role in your personal finances. The better the score, the better it is for your wallet. Here's how to help get it above the 800 mark. More