BP to pay $1 billion for Gulf Coast restoration

Alejandro de los Rios Apr. 21, 2011, 12:59pm

Federal officials announced today that BP will pay $1 billion to fund various activities to help restore Gulf Coast habitats and wildlife.

The U.S. Department of Justice announced the decision a day after the anniversary of the Deepwater Horizon explosion, which led to the oil spill in the Gulf.

The $1 billion is being paid outside of the multidistrict litigation being held in U.S. District Court for the Eastern District of Louisiana and beyond the scope of the Gulf Coast Claims Facility established to aid affected Gulf residents and businesses.

The DOJ said the money would not affect BP's potential liability in the spill.

A group of trustees from Gulf States and Federal administrations will oversee the distribution of the funds.

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U.S. Department of Justice
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