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Statement from Gulf Oil Disaster Recovery Attorney Stuart Smith
August 10, 2010The Justice Department and BP announced that they have finished negotiations to implement a $20 billion fund for victims of the Gulf oil spill and that BP will make a $3 billion initial deposit in September. The government said the company still needs to ensure that all the necessary funds will be available if something happens to the BP subsidiary that established the trust and that the Justice Department looks forward to completing an appropriate security arrangement in the near future. Kenneth Feinberg, the Obama administration's pay czar, takes over processing claims from the $20 billion oil spill compensation fund later in August. Full release.
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