The federal government agreed to a modest $15 million fine for Norfolk Southern over last year’s disastrous derailment in East Palestine, Ohio.
This week’s Insider Deals are so good you’ll want all of themFILE - Debris from a Norfolk Southern freight train lies scattered and burning along the tracks on Feb. 4, 2023, the day after it derailed in East Palestine, Ohio.
But the railroad won't face criminal charges, and this latest settlement won't add anything to Norfolk Southern's roughly $1.7 billion in total costs related to the derailment because the Atlanta-based company was already anticipating those costs.in the fourth quarter of last year even with the derailment costs. The railroad's CEO received $13.4 million in total compensation last year.
But resident Misti Allison said it is encouraging to see the investigations and lawsuits against the railroad start to wrap up, and the cleanup is expected to be done sometime later this year. The safety improvements Norfolk Southern promised to follow through on include adding about 200 more trackside detectors to spot mechanical problems. It has alsoin more than a dozen advanced inspection portals that use an array of cameras to take hundreds of pictures of every passing railcar. The railroad estimated that those improvements will cost $244 million through 2025.
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