Monday, August 9, 2010

BP Puts $3 Billion Into Escrow Account For Spill Victims

BP shows signs of good faith by making $3 billion into escrow fund for spill victims

By Nicholas Moroni

BP put $3 billion dollars into a $20 billion dollar escorw account that, in June, the company agreed to pay into for a period of five years.

The initial deposit is being promoted by the company as a token of good faith - a sign, according to incoming BP CEO Bob Dudley, that BP intends to compensate and "stand behind" those affected by the worst oil spill in US History.

In the fourth quarter BP has pledged $2 billion; moreover, an additional $1.25 billion will be added each quarter, until the BP has made settled with all eligible claimants. Note, though, that the White House said that the $20 billion is neither a ceiling, nor a floor.

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