The Union Pacific Corporation announced that a settlement agreement has been reached in a class action lawsuit related to the May 27, 2000 train derailment near Eunice, Louisiana.
Terms of the settlement, which is subject to court approval, provide for the railroad to pay a total of $65 million in exchange for a release of all claims for damages involved in the litigation.
The announcement also noted that “at the time of the settlement, over 10,000 formal claims had been filed. Union Pacific will be reimbursed for this payment by its insurers and the settlement will not impact the Company’s earnings.”
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