BP has revealed that they will set up a $20 billion fund to pay compensation to the families and victims of those affected by the oil spill in the Gulf Of Mexico.
The fund will be led by attorney Kenneth Feinberg, who was also head of the fund which paid compensation to the families and victims of those affected by the 9/11 terrorist attacks.
The agreement, which comes just a day after President Obama said BP would have to pay for all the damage it has caused, is not fully finalized yet.
The $20 billion figure matches that which was recommended by the congressional Democrats.
An official announcement from President Obama is expected to be made later today.
More on this story to follow as more information becomes available.