Monday, March 21, 2011
NORFOLK, VA. -- It's been six years since the Graniteville, S.C. train derailment and today Norfolk Southern said it will cost them at least $58 million.
The company announced that an arbitration panel ruled against it regarding an insurance claim from the derailment. As a result, during the first quarter of 2011 Norfolk Southern will record an expense of $58 million. The company also expects to pay legal fees for the insurer though it doesn't know yet how much those will be.
In January 2005, a Norfolk Southern train veered from the main track onto a spur where it hit a parked train. The crash caused a poisonous cloud of chlorine that killed nine people and injured hundreds in Graniteville.