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11/26/2001



Rail News: Rail Industry Trends

CSX seeks to settle New Orleans tank-car fire class-action suit


CSX Corp. Nov. 21 reached a settlement with thousands of residents affected by a 1987 chemical tank car fire in New Orleans' Gentilly section.
More than 8,000 plaintiffs filed a class-action lawsuit against CSX and eight companies claiming the 36-hour fire — which started when butadiene leaked from a car — adversely affected their health and property.
The settlement — which CSX officials and lawyers declined to disclose, but claim will cost CSX about 17 cents per share — is subject to a fairness hearing before New Orleans' Civil District Court.
Louisiana's 4th Circuit Court of Appeals in June upheld an $850 million punitive damages verdict against CSX in the suit, leading CSX officials to deny any wrongdoing and appeal the case to the state's supreme court.


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