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+--- Thread: Ohio Train Derailment settlement offer... $600 million (/Thread-Ohio-Train-Derailment-settlement-offer-600-million)
Ohio Train Derailment settlement offer... $600 million - Maxmars - 04-13-2024
In February 2023 a Norfolk Southern-operated train derailed near East Palestine, Ohio... that derailment developed into a more than a million-gallon toxic chemical spill. America's largest, if I am not mistaken.
The derailment was met with stereotypical corporate and political malaise, subjected to stereotypical below-par media coverage, and generally the subject of much foot-dragging insofar as 'what to do to fix it.' There are at least 20 class-action lawsuits which seek remedy for the handling of this material and the subsequent damages (both measured and yet to manifest itself.)
Reuters: Norfolk Southern agrees to pay $600 million to settle Ohio derailment lawsuit
The Reuters reporting title sems to be indicating that this is a "done deal" but it is not. The court hasn't approved the offer... so there's that. Also, the settlement would indemnify Northern-Southern from the other class-action suits brought against it while simultaneously establishing for posterity that...
Norfolk Southern is not admitting liability or wrongdoing.
... But of course. This is how corporate "justice" is done in America...
Last year, Norfolk Southern agreed to compensate homeowners around East Palestine, Ohio who have had to sell their properties at a reduced value.
In addition to the class action, Norfolk Southern also faces lawsuits filed by shareholders, the state of Ohio and the U.S. Justice Department.
In May 2023, a U.S. Senate committee approved bipartisan rail safety legislation that tightens rules on trains carrying explosive substances like the Norfolk Southern-operated train, but further action has stalled.
... stalled... Yup!...
RE: Ohio Train Derailment settlement offer... $600 million - IdeomotorPrisoner - 04-13-2024
(04-13-2024, 11:43 AM)Maxmars Wrote: In February 2023 a Norfolk Southern-operated train derailed near East Palestine, Ohio... that derailment developed into a more than a million-gallon toxic chemical spill. America's largest, if I am not mistaken.
The derailment was met with stereotypical corporate and political malaise, subjected to stereotypical below-par media coverage, and generally the subject of much foot-dragging insofar as 'what to do to fix it.' There are at least 20 class-action lawsuits which seek remedy for the handling of this material and the subsequent damages (both measured and yet to manifest itself.)
Reuters: Norfolk Southern agrees to pay $600 million to settle Ohio derailment lawsuit
The Reuters reporting title sems to be indicating that this is a "done deal" but it is not. The court hasn't approved the offer... so there's that. Also, the settlement would indemnify Northern-Southern from the other class-action suits brought against it while simultaneously establishing for posterity that...
Norfolk Southern is not admitting liability or wrongdoing.
... But of course. This is how corporate "justice" is done in America...
Last year, Norfolk Southern agreed to compensate homeowners around East Palestine, Ohio who have had to sell their properties at a reduced value.
In addition to the class action, Norfolk Southern also faces lawsuits filed by shareholders, the state of Ohio and the U.S. Justice Department.
In May 2023, a U.S. Senate committee approved bipartisan rail safety legislation that tightens rules on trains carrying explosive substances like the Norfolk Southern-operated train, but further action has stalled.
... stalled... Yup!...
(04-13-2024, 11:43 AM)Maxmars Wrote: In February 2023 a Norfolk Southern-operated train derailed near East Palestine, Ohio... that derailment developed into a more than a million-gallon toxic chemical spill. America's largest, if I am not mistaken.
The derailment was met with stereotypical corporate and political malaise, subjected to stereotypical below-par media coverage, and generally the subject of much foot-dragging insofar as 'what to do to fix it.' There are at least 20 class-action lawsuits which seek remedy for the handling of this material and the subsequent damages (both measured and yet to manifest itself.)
Reuters: Norfolk Southern agrees to pay $600 million to settle Ohio derailment lawsuit
The Reuters reporting title sems to be indicating that this is a "done deal" but it is not. The court hasn't approved the offer... so there's that. Also, the settlement would indemnify Northern-Southern from the other class-action suits brought against it while simultaneously establishing for posterity that...
Norfolk Southern is not admitting liability or wrongdoing.
... But of course. This is how corporate "justice" is done in America...
Last year, Norfolk Southern agreed to compensate homeowners around East Palestine, Ohio who have had to sell their properties at a reduced value.
In addition to the class action, Norfolk Southern also faces lawsuits filed by shareholders, the state of Ohio and the U.S. Justice Department.
In May 2023, a U.S. Senate committee approved bipartisan rail safety legislation that tightens rules on trains carrying explosive substances like the Norfolk Southern-operated train, but further action has stalled.
... stalled... Yup!...
We gotta murder all lobbyists. (Not really)
It truly is the double edge sword or capitalism. He have a free market, and Atlas will inevitably shrug. It's not about a monopoly, but it's still the same nepotistic pull with regulators and oversight to receive favorable treatment.
On this hand you have the inevitable stalling, which happens when there is stubborn debate. The Railroad says the car owner failed to maintain their railcar bearings. GATX said GTFO.
GATX vs Norfolk Southern. Both have their lobbyist to assure their own ass is covered. Each is more than happy to let the other make the payout.
In reality, a "plastic pellet car" failed and took out Norfolk-Southern's train out with it.
Even as nepotistic as corporate law is, I kinda see the angle of settling without admitting liability or admitting fault. Maybe GATX left this untracked car too long at their salty New Orleans railyard and it was their lack of maintenance that decayed the lubricant that prevents bearings from catastrophic failure?
RE: Ohio Train Derailment settlement offer... $600 million - Maxmars - 04-13-2024
(04-13-2024, 01:11 PM)IdeomotorPrisoner Wrote: ...
Even as nepotistic as corporate law is, I kinda see the angle of settling without admitting liability or admitting fault. Maybe GATX left this untracked car too long at their salty New Orleans railyard and it was their lack of maintenance that decayed the lubricant that prevents bearing from catastrophic failure.
I 'get it' too. Since the practice of law has taken such an edge as to promote abusive opportunism, people 'settling' cases need them to actually be in a state of "done and over with" or there's no point in settling at all. But the non-admission of fault is simply a 'trick' ... (if they weren't "at fault" why offer to settle at all.)
Our laws provide for cross-suits (or at least in theory, it used to.) How Norfolk-Southern recoups its money is not the business of the complainants... so once 'fault' is admitted, they can go after GTX for 'settlement' without the victims being subjected to even more legal machinations (and costs.)
RE: Ohio Train Derailment settlement offer... $600 million - montana - 04-13-2024
Over the last 10 years- really the last 20- rail equipment inspection and maintenance regulations have been gutted. Warren Buffet et al have too much ownership of our elected officials. Hours between inspections have quadrupled, train lengths have more than doubled, maintenance budgets have been reduced. Since the 1990s, crew size has been allowed to be decreased from 4 to 3 to currently 2. A huge push was on to reduce it to 1 and on some routes, none. Recent rule changes by the FRA have temporarily put a halt to this effort, but since the changes are regulatory and not legislative they can be done away with at any time.
Throughout all this, the rate of train accidents has declined over the past few decades. This is due to improved equipment, technology, and a dedicated, experienced work force. That work force is aging rapidly unfortunately. And since the railroads are cutting wages, reducing benefits and eliminating time off between trips they are unable to recruit new employees.
Expect the crew size issue to reappear with the next administration. The reasoning that will be used is a lack of qualified employees. Equipment inspections will continue to be reduced, and train lengths increased. Welcome to Corporate America.
RE: Ohio Train Derailment settlement offer... $600 million - Maxmars - 04-13-2024
(04-13-2024, 08:09 PM)montana Wrote: Over the last 10 years- really the last 20- rail equipment inspection and maintenance regulations have been gutted...
I suggest this is a consequence of our own inability as a community of citizens to hold our regulators to any standard. We've allowed the industry to dictate who makes the rules, and as a result their never-ending drive to horde money has rendered the public a mute 'externality'. Politicians love to posture that this is something they will 'fix', but they never seem to fix it at all. To them fixing it means getting something "political' in return, be that for their party or themselves... the problem to be fixed is just 'an opportunity.'
As usual, the people compensate by improving the tools of their trade, the skillsets they bring to bear on the problem... meanwhile the politician class "uses" the deficiency as leverage for their careers and posterity. Since corporate money equals 'speech' in our politicians' estimation ... more money means more 'leverage.' Are we surprised that this is one offshoot of corporate personhood? The ability to influence governance was meant for citizens... not businesses.
RE: Ohio Train Derailment settlement offer... $600 million - montana - 04-13-2024
(04-13-2024, 08:41 PM)Maxmars Wrote: I suggest this is a consequence of our own inability as a community of citizens to hold our regulators to any standard. We've allowed the industry to dictate who makes the rules, and as a result their never-ending drive to horde money has rendered the public a mute 'externality'. Politicians love to posture that this is something they will 'fix', but they never seem to fix it at all. To them fixing it means getting something "political' in return, be that for their party or themselves... the problem to be fixed is just 'an opportunity.'
As usual, the people compensate by improving the tools of their trade, the skillsets they bring to bear on the problem... meanwhile the politician class "uses" the deficiency as leverage for their careers and posterity. Since corporate money equals 'speech' in our politicians' estimation ... more money means more 'leverage.' Are we surprised that this is one offshoot of corporate personhood? The ability to influence governance was meant for citizens... not businesses.
I agree, dollar bills are not people, and never should be. Unfortunately, our courts have been bought as well, so who ya gonna call?
