BP agrees to $20 billion escrow fund; cancels dividends

Wednesday, June 16, 2010 - 15:00 in Mathematics & Economics

Reporting from Washington -- The Obama administration has reached a preliminary agreement with BP executives that would see the oil company pay $20 billion over several years into an independently controlled escrow account to be established to compensate Gulf of Mexico residents affected by the disastrous oil spill, and BP's board of directors has eliminated the company's stock dividend, at least temporarily.

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