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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology BP pays three billion dollars into oil spill fund AFP - Tuesday, August 10 Send IM Story Print BP pays three billion dollars into oil spill fund WASHINGTON (AFP) - – BP said Monday it had made its initial deposit of 3.0 billion dollars into a 20-billion-dollar US-managed fund to compensate victims of the massive Gulf of Mexico oil spill. "The purpose of the escrow account was to assure those adversely affected by the spill that we indeed intend to stand behind our commitment to them and to the American taxpayers," BP's incoming chief executive Bob Dudley said in a statement. "Establishing this trust and making the initial deposit ahead of schedule further demonstrates our commitment to making it right in the Gulf Coast," he said. President Barack Obama's administration earned commitments from BP to pay into the account in mid-June, nearly two months after the BP-leased Deepwater Horizon oil rig exploded April 20, killing 11 workers and triggering what has become the world's largest unintentional oil spill. The fund, to be paid into over four years at five billion dollars per year, will be overseen by prominent lawyer Kenneth Feinberg, who managed compensation claims by victims of the September 11, 2001 terror attacks. The US Department of Justice said negotiations on the fund were completed Monday. "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, US Associate Attorney General Tom Perrelli said in a statement. "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." BP in its statement identified two individual trustees who were named as administrators of the newly-established trust: former US federal judge John Martin, and Kent Syverud, dean of Washington University School of Law. Citigroup will serve as corporate trustee, BP said. The White House announced the huge fund during a visit by BP chairman Carl-Henric Svanberg, who met with Obama June 16 and assured the president that the company would foot the bill for the Gulf of Mexico disaster. A panel of three judges is to hear appeals of Feinberg's decisions over the fund, which is designed to meet the claims of all individuals and businesses harmed by the spill. Recommend Send IM Story Print News Search Top Stories Putin cuts Russia harvest forecast BP pays three billion dollars into oil spill fund Campbell said she got diamond from Taylor: Farrow BP oil spill response costs hit $6.1 bln German trade data bodes well for European growth More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Sauna contest in Finland cut short as Russian dies Massive ice island breaks off Greenland glacier Campbell said she got diamond from Taylor: Farrow BP spends $6.1 bln on Gulf spill response Former HP boss reaches settlement with accuser More Most Viewed » Argentine students crack three-decade-old murder mystery 40 US billionaires pledge half wealth to charity World's first full face transplant man appears on TV Calcium supplements linked to heart attacks: study Massive ice island breaks off Greenland glacier More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010

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