(The Associated Press circulated the following on March 21, 2011.)
NORFOLK, Va. — Railroad operator Norfolk Southern says it will record an expense of at least $58 million from a 2005 derailment that led to nine deaths and a massive evacuation in Graniteville, S.C.
The company said on Monday that an arbitration panel ruled against it regarding an insurance claim from the derailment. The expense will show up on its books in the first quarter. It said it also expects to pay legal fees for the insurer, though it doesn’t yet know how much those will be.
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