The Rising Influence of Rising Affluence

[DewDiligence]

Oil companies settle Lac-Mégantic derailment case for $345M:

http://www.wsj.com/articles/big-oil-firms-put-millions-into-compensation-fund-for-train-blast-1433980259

Royal Dutch Shell PLC, Marathon Oil Corp. , ConocoPhillips, Irving Oil Ltd. and others have contributed to a $345 million fund for victims of the accident in Lac-Mégantic, according to court filings and interviews.

If U.S. and Canadian courts approve the fund, the companies would be shielded from several lawsuits claiming wrongful death and negligence in connection with the tragedy.

Montreal, Maine & Atlantic Railway Ltd., the small railroad hauling the crude oil, sought bankruptcy protection soon after the accident, in which an unattended train carrying oil from North Dakota’s Bakken Shale derailed and erupted into flames, killing 47.