Quebec judge signs off on $450 million settlement fund for Lac-Megantic victims
Agreed-upon terms offer "certain legal assurance" to CP Rail if it is taken to court over derailment
MONTREAL—A Quebec judge has given his final approval regarding the terms of the $450-million settlement fund for victims and creditors of the Lac-Megantic rail disaster.
Superior Court Justice Gaetan Dumas signed off today on the final agreement between victims, creditors and about 25 companies accused of responsibility in the train derailment that killed 47 people on July 6, 2013.
Canadian Pacific Railway, the only company accused in the case to have not offered money, had requested that changes be made to the final version of the fund.
The railway sought leave to appeal the settlement fund but dropped its motions after learning all sides agreed to change some of the language of the terms.
The new terms of the fund offer certain legal assurance to CP if it is taken to court over its responsibility in the derailment.
Patrice Benoit, lawyer for the now-defunct railroad at the centre of the disaster, says the court has some procedural issues to take care of but that victims should begin receiving cheques before Christmas.