According to the Washington Post,
BP and the Obama administration have reached a preliminary agreement that the oil company will place $20 billion in an escrow account to be administered by Kenneth Feinberg, a White House official said. Feinberg also oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks.
The President and his top aides met with BP Oil’s top officials, which included board chair Carl-Henric Svanberg.
In related financial news, Bloomberg reports,
U.S. stock fluctuated as BP Plc’s agreement to pay about $20 billion for claims from the Gulf of Mexico oil spill assuaged concern about the company’s future, helping the market recover most of an earlier drop.