AssetID: 53629694
Headline: UNCAPTIONED: Norfolk Southern Offers Settlement to Resolve Lawsuits Related to 2023 Derailment
Caption: 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. 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. 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. 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. The operator reported preliminary Q1 earnings of 23 cents per share, reflecting the impact of the settlement and cleanup costs for the derailment. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
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