Norfolk Southern Offers , Settlement to Resolve Lawsuits , Related to 2023 Derailment.
Train operator Norfolk Southern has agreed to pay $600
million as part of a settlement to a class-action lawsuit as
part of a February 2023 derailment in East Palestine, Ohio.
Train operator Norfolk Southern has agreed to pay $600
million as part of a settlement to a class-action lawsuit as
part of a February 2023 derailment in East Palestine, Ohio.
Associated Press reports that the agreement, which would
resolve all class action lawsuits within a 20-mile radius
from the derailment, is still pending court approval.
Associated Press reports that the agreement, which would
resolve all class action lawsuits within a 20-mile radius
from the derailment, is still pending court approval.
According to the agreement, the settlement would also
resolve personal injury claims within a 10-mile radius of
the accident site for residents choosing to participate.
According to the agreement, the settlement would also
resolve personal injury claims within a 10-mile radius of
the accident site for residents choosing to participate.
On April 9, Norfolk Southern said that
the settlement does not constitute an
admission of liability or fault for the fiery crash.
The East Palestine derailment has already cost
Norfolk Southern over $1.1 billion, including
$104 million in aid for residents and the town. .
The East Palestine derailment has already cost
Norfolk Southern over $1.1 billion, including
$104 million in aid for residents and the town. .
AP reports that while the company has promised
to create a fund to help pay for the community's
long-term health needs, that fund has yet to be created. .
AP reports that while the company has promised
to create a fund to help pay for the community's
long-term health needs, that fund has yet to be created. .
Norfolk Southern CEO Alan Shaw said that the railroad operator is, “becoming a more productive and efficient railroad. .
There is still more work
to be done to achieve
industry-competitive margins, Alan Shaw, Norfolk Southern CEO, via Associated Press.
There is still more work
to be done to achieve
industry-competitive margins, Alan Shaw, Norfolk Southern CEO, via Associated Press.
The operator reported preliminary Q1 earnings of
23 cents per share, reflecting the impact of the settlement and cleanup costs for the derailment.