Victims of the July, 2013 oil train derailment in Lac Mégantic, Quebec will have access to a C$446 million settlement fund under a deal approved last week by Portland, Maine bankruptcy judge Peter Cary.
“Barring any surprises, payments could be made to victims of the disaster by year’s end,” the Associated Press reports, citing bankruptcy trustee Robert Keach. “About $83 million is being set aside to settle wrongful death claims.”
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About two dozen companies were involved in negotiating the settlement. Cary announced his decision after Canadian Pacific dropped its objections to the plan and a Canadian judge gave it conditional approval.
“Canadian Pacific owned the track where the crude oil shipment originated and contended it bore no responsibility, since the train that derailed had a Montreal, Maine and Atlantic [Railway] locomotive and crew and was operating on MMA rail,” AP writes. “Keach argued Canadian Pacific bears some responsibility for failing to properly classify the Bakken region crude oil, which was as volatile as gasoline.”
CP is not contributing to the settlement fund.