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Rail News: Short Lines & Regionals

New York Regional Rail settles legal cases, sells more stock to Transit Rail

New York Regional Rail Corp. (NYRR) recently reached a settlement with New York City and resolved three insurance litigation matters.

NYRR agreed to pay the city $450,000 for costs associated with investigating and cleaning up a hazardous materials spill. New York officials allege a former NYRR president dumped hazardous materials at the Bush Terminal facility, which is owned by the city.

"These cases add to the already long list of resolved legal matters that have been announced over this last year," said NYRR Chief Executive Officer Ron Bridges in a prepared statement. "We are now focused on resolving remaining legal cases."

NYRR — which owns and operates New York Cross Harbor Railroad and trucking firm JS Transportation — also announced Transit Rail L.L.C. has invested an additional $600,000 in the company, increasing its total investment to $2.1 million. In February 2004, Transit Rail agreed to purchase up to 2,500 shares of NYRR stock.

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More News from 1/6/2005