BP agrees to $20 billion compensation fund

Under pressure from the White House, BP has agreed to set aside $20 billion in an escrow fund to compensate victims of the oil spill in the Gulf of Mexico, The Washington Post reports. The fund will be overseen by Kenneth Feinberg, President Obama’s “pay czar” who led the effort to pay families of victims of the 9/11 attacks.

Obama is expected to announce the deal later today.