BP To Create $20B Damages Fund

Following a meeting with the Obama Administration yesterday, BP agreed to create a $20 billion fund for damage claims resulting from the Gulf of Mexico oil spill.

The fund will be independently managed over four years. BP will also pay $100 million to oil workers who are out of work due to the six-month moratorium on deep-water drilling issued by the administration.

BP announced it would suspend dividend payments to shareholders. The company’s chief executive will appear at a Congressional hearing today. 

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