Citigroup (NYSE:C) Chosen as Corporate Trustee of $20 Billion BP (NYSE:BP) Fund

After the announcement BP (NYSE:BP) has deposited $3 billion into the escrow fund, Citigroup was confirmed as the corporate trustee of the fund.

The fund, which is set up to compensate victims of the Gulf oil spill, will receive $5 billion annually over the next four years to handle the financial responsibilities.

Also named as individual trustees of the fund were Kent Syverud, dean of Washington University in St. Louis School of Law, and former New York city federal judge, John Martin.

Kenneth Feinberg and his law firm will to administer the fund, with a 3-member panel of judges in place for those who want to appeal Feinberg's final decisions.