Thursday, June 17, 2010

BP Halts Dividend, Agrees to $20 Billion Fund for Victims - WSJ.com

BP Halts Dividend, Agrees to $20 Billion Fund for Victims - WSJ.com

BP said it would pay another $100 million to a separate fund to help oil-industry workers sidelined by the Obama administration's moratorium on deepwater drilling.

The payments far exceed the letter of U.S. law, which caps economic liabilities in oil spills at just $75 million. BP agreed to waive that limit. In a pact hammered out in a four-hour White House bargaining session, BP agreed to "set aside" $20 billion in U.S. assets as a guarantee that it would make good on the promised $20 billion in cash by 2013.

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