The company has named two individual trustees – John Martin, a former US district judge for the Southern District of New York, and Kent Syverud, dean of Washington University School of Law – to the newly-established trust that will administer the account. Citigroup will serve as corporate trustee and paying agent for the account.
Bob Dudley, CEO of Gulf Coast Restoration Organization at BP, said: “The purpose of the escrow account was to assure those adversely affected by the spill that we indeed intend to stand behind our commitment to them and to the American taxpayers.
“Establishing this trust and making the initial deposit ahead of schedule further demonstrates our commitment to making it right in the Gulf Coast.”
On June 16, BP announced that it will transition the claims process required under the Oil Pollution Act of 1990 to an independent claims facility and create a $20bn escrow account to satisfy claims resolved by that facility and certain other claims, including natural resource damages and state and local response costs.
