BP has announced a $20 billion escrow fund that will expand over a four-year period putting $5 billion a year into the account starting in 2010.
The new account was created to so that BP can pay removal costs and damages that it owes for being a responsible party in the Gulf oil spill that occurred on April 20. The funds will be available to compensate the injured and pay funds that are adjudicated by the independent claims facility.
BP has also announced that they are going to contribute to $100 million to a foundation for unemployed rig workers. Also, a new program of unemployment assistance will be created to provide benefits to workers who lose their jobs as a result of a significant oil spills.
If you or a loved one has been affected significantly by the oil spill, contact the Gulf of Mexico oil spill lawyers of Williams Kherkher by calling 800-821-1544.