Parties take 1st step toward settlement fund for victims of oil train disaster in Canada

IndustriesAssociated Press

A court filing in Canada is the first step toward implementing a settlement fund for victims of an oil train disaster that killed 47 people.

Officials filed a motion Friday to extend a deadline to implement the settlement in the Canadian case, which could result in a larger settlement. The filing also provided details on how the money could be distributed.

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U.S. Bankruptcy Court trustee Robert Keach told The Associated Press that he'd received commitments from corporations facing potential liability to pay about $200 million. He said his ultimate goal is to reach $500 million if he can secure commitments from several large corporations that haven't yet agreed to participate.

Much of downtown Lac Megantic, Quebec, was destroyed in July 2013 when an unattended train with 72 oil tankers derailed.