Lawyers for Libya and the families of people killed in the 1988 bombing of a Pan Am plane have agreed to choose a bank by July 3 to handle $2.67 billion in compensation funds, according to a letter from the lawyers to the families. The letter was made available to Reuters on Tuesday. Libya is expected to pay into an escrow account either at the Bank of England or the Bank for International Settlements, which is based in Basel, Switzerland, New York lawyers Kreindler and Kreindler said in the letter. The date is part of the timetable for a settlement that would result in an end to the U.N. sanctions imposed on Libya in 1992 to make the country hand over the two Libyan men accused of planting a bomb on the plane, which exploded over the Scottish town of Lockerbie, killing 270. Full Story
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