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BP to establish $20 billion oil spill compensation fund

06/28/2010
By Nick Snow
BP PLC agreed to establish a $20 billion escrow fund to compensate victims of the Gulf of Mexico oil spill from its well, US President Barack Obama and BP announced separately following a June 16 White House meeting."BP's liabilities for this spill are significant, and they acknowledge that fact," Obama said following the meeting. "We will continue to hold BP and all other responsible parties accountable. And I'm absolutely confident BP will be able to meet its obligations to the Gulf Coast and to the American people."Obama said BP is "a strong and viable company and it is in all of our interests that it remain so." BP also voluntarily agreed to establish a $...
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