Norfolk Southern: $600m settlement & numbers

PRESS RELEASE

Norfolk Southern reaches agreement in principle to settle East Palestine derailment class action

$600 million settlement underscores commitment to making it right

ATLANTA, April 9, 2024 /PRNewswire/ — Norfolk Southern Corporation (NYSE: NSC) announced Tuesday that it has reached a $600 million agreement in principle to resolve a consolidated class action lawsuit relating to the East Palestine derailment. If approved by the court, the agreement will resolve all class action claims within a 20-mile radius from the derailment and, for those residents who choose to participate, personal injury claims within a 10-mile radius from the derailment.

This is another promise kept by Norfolk Southern to make it right for the people of East Palestine and the surrounding communities. In March 2023, the company made commitments to address three long-term concerns of residents: drinking water, home values, and healthcare. Already, the company has announced programs for drinking water and home value assurance. The company is going further through this comprehensive settlement—providing additional, significant monetary relief to individuals, including for healthcare, and to help qualifying local businesses continue to rebuild and grow…

The full release can be found here.

The group also disclosed yesterday its preliminary first quarter 2024 results (click here) – stock up +1.25%, closing at $253.39, about 10 bucks away from 52-week high.