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BP oil spill: After meeting Obama, BP agrees to $20 billion fund for spill victims

BP oil spill: BP will set aside $20 billion to pay the victims of the massive oil spill in the Gulf.

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BP oil spill: BP will set aside $20 billion to pay the victims of the massive oil spill in the Gulf. A BP logo is seen at a petrol station in Birmingham, England, on June 10.

Simon Dawson/AP

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BP will set aside $20 billion to pay the victims of the massive oil spill in the Gulf, senior administration officials said Wednesday, a move made under pressure by the White House as the company copes with causing the worst environmental disaster in U.S. history.

The independent fund will be led by lawyer Kenneth Feinberg, who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks.

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In his current role, Feinberg is known as Obama's "pay czar," setting salary limits for companies getting the most aid from a $700 billion government bailout fund.

Obama was to announce the deal in a Rose Garden statement later Wednesday after wrapping up a meeting with BP executives at the White House.

The officials familiar with the details spoke to the AP on condition of anonymity so as not to trump the president.

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