Oil spill claims agreement: BP can’t pay fines from escrow fund


WASHINGTON — The Obama administration today released a 40-page agreement with BP that requires the company to set aside revenue from its U.S. oil and natural gas production as collateral for a $20 billion fund to pay victims of the massive Gulf oil spill.

The document makes it clear that the fines the administration plans to assess against BP can’t be paid from that account.

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Stuart H. Smith is an attorney based in New Orleans fighting major oil companies and other polluters.
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