BP To Create Victims Fund

From NPR today:

BP appears willing to meet an Obama administration demand to establish a multibillion-dollar victims’ compensation fund for those affected by the Gulf oil spill, an administration spokesman said Monday.

The announcement came as President Obama began his fourth visit to the three-states Gulf region hardest hit by the spill. Administration spokesman Bill Burton told reporters on Air Force One en route to the Gulf region that the White House and BP were “working out the particulars” of the fund, such as the amount, which he said would be “billions of dollars” and how it would be administered.

“We’re confident that this is a critical way in which we’re going to be able to help individuals and businesses in the Gulf area become whole again,” Burton said.

Burton said the account would be run by an independent third-party entity. White House officials are “confident we have the legal authority” to force BP to establish the account, he said.

Read the rest of the article here.

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