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mahatmakanejeeves

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29. Canadian Pacific asks judge not to approve Lac-Megantic derailment settlement

Reply to mahatmakanejeeves (Original post)

Thu Jun 18, 2015, 02:07 PM

Jun 2015

Canadian Pacific asks judge not to approve Lac-Megantic derailment settlement

The Canadian Press

Published on: June 17, 2015
Last Updated: June 17, 2015 4:36 PM MDT

SHERBROOKE, Que. – Canadian Pacific Railway Ltd.’s lawyers asked a Quebec judge not to approve a proposed $430-million settlement fund for victims of the Lac-Megantic train derailment because they say its terms are unfair to the company.

Lawyer Alain Riendeau told Quebec Superior Court Justice Gaetan Dumas on Wednesday the terms severely limit CP’s ability to defend itself in court.

About 25 companies accused of responsibility in the July 2013 tragedy that killed 47 have put up a combined $431.5 million in a settlement fund, unanimously accepted by victims and creditors of the disaster during a June 8 meeting in Lac-Megantic, Que.

Dumas heard arguments Wednesday about whether he should accept the terms of the fund, which was created to compensate victims of the disaster.

See: Oil Firms Agree to Pay Millions in Compensation for Quebec Train Blast

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