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.
New York Magazine reporter Jessica Pressler, who has been caught up in controversy this past week, will not be moving on to a new job at Bloomberg News. More
Unilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Best Foods and Hellman's mayonnaise has now dropped the lawsuit. More
The income of the top 1% jumped significantly in 2012, far outpacing inflation. Not only did this group make a larger share of the country's income, their share of total taxes also jumped from 35% to 38%. More