Norfolk Southern Should Be Held Financially Responsible For Fatal Rail Accidents: Ohio Attorney General Sues

• Ohio Attorney General Dave Yost filed a complaint against Norfolk Southern Corp (NYSE: NSC) seeking civil penalties, damages, court costs, and other relief related to the rail derailment on February 3.

• The company is under scrutiny as cleanup and environmental-monitoring efforts continue in an Ohio town after the derailment of a train carrying hazardous chemicals.

• The lawsuit asked the court to order the company to pay for damages to natural resources, property, and economic harm done to the state and its residents.

• The attorney general's office cited Norfolk Southern for 58 alleged violations of state and federal laws.

• "The derailment in East Palestine, Ohio was both foreseeable and preventable," the lawsuit said. "Norfolk Southern's record demonstrates that it knew—and should have taken appropriate steps to prevent—the significant harm the derailment would cause the state."

• Norfolk Southern Chief Executive Alan Shaw apologized for the derailment, which spilled toxic chemicals near the Pennsylvania border, Wall Street Journal reported.

• It has recovered and transported more than 3.5 million gallons of potentially affected water from the site and more than 2,300 tons of affected soil, Mr. Shaw said last week.

• The National Transportation Safety Board has launched a special investigation of Norfolk Southern's organization and safety culture concerning recent derailments and fatal railroad operations accidents.

• Price Action: NSC shares closed at $208.08 on Tuesday.

• Photo via Wikimedia Commons

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This article Norfolk Southern Should Be Held Financially Responsible For Fatal Rail Accidents: Ohio Attorney General Sues originally appeared on Benzinga.com

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