Americas News
World Fuel Services Agrees to $110M Lac Megantic Settlement
World Fuel Services Corporation [NYSE: INT] (WFS) has agreed to provide a $110 million settlement following the 2013 derailment of a train transporting crude oil at Lac-Mégantic in Canada, the company announced this week.
Under the terms of the deal, the funds will be placed in a compensation fund and paid out to victims who suffered losses because of the incident.
Much of the city's downtown was reported as destroyed after 72 oil tankers crashed and exploded, killing an estimated 47 people.
WFS subsidiary Dakota Petroleum Transport Solutions, LLC had been partially responsible for the shipping and logistics of the oil, with previous reports having suggested that the tanker cars had not been up to date with the latest security precautions.
“We believe that participating in the settlement and contributing to the compensation fund is in the best interests of our shareholders and will also aid in providing closure to those affected by this tragic accident,” said WFS Chairman and CEO Michael J. Kasbar.
“The entire community of Lac-Mégantic remains in our thoughts and prayers as they continue to recover from this tragedy.”
In 2013 WFS and several other companies were ordered by the Quebec government to foot the bill for Lac-Mégantic's cleanup efforts.
