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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

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