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BP Sets Aside $20 Billion

1:09 PM, Jun 16, 2010 • By JOHN MCCORMACK
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The Washington Post reports:

BP and the Obama administration have reached a tentative agreement under which the oil company will place $20 billion in an escrow account to pay claims stemming from the spill in the Gulf of Mexico, a White House official said.

The fund will be administered by Ken Feinberg, who oversaw a compensation fund for victims of the Sept. 11, 2001, terror attacks.

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