PORTLAND, Maine — A U.S. bankruptcy judge has approved a $338 million settlement fund for victims of a fiery oil train derailment that claimed 47 lives in Quebec.
Judge Peter Cary in Portland, Maine, announced his decision Friday after Canadian Pacific dropped its objection to the settlement moving forward and a Canadian judge gave conditional approval.
The settlement, which is worth $446 million in Canadian dollars, was the product of negotiations with about two dozen companies.
A runaway train with 72 oil tankers derailed on July 6, 2013, in Lac Megantic, Quebec, setting off powerful explosions and causing raging fires.
The fund would allocate about $83 million (U.S.) for wrongful death claims. Bankruptcy trustee Robert Keach said the timeline allows for payments by year's end.