BP To Pay $1B For Advance Gulf Restoration Projects

Law360, New York (April 21, 2011, 2:06 PM EDT) -- BP PLC agreed Wednesday to fund environmental restoration of damages caused by the Deepwater Horizon oil spill with a $1 billion contribution to a trust overseen by five coastal states and two federal agencies.

In what the U.S. Department of Justice called an unprecedented move, BP marked Wednesday’s spill anniversary by signing an agreement with the Natural Resource Trustees for the Deepwater Horizon oil spill to pay for early restoration projects in the Gulf of Mexico.

The money — which comes in addition to the $20...
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