Officials say World Fuel Services Corp. agreed to contribute $110 million.
Much of downtown Lac Megantic (lak meh-GAHN'-tik') was destroyed after the unattended Montreal, Maine & Atlantic train with 72 oil tankers derailed July 6, 2013.
U.S. bankruptcy trustee Robert Keach and his Canadian counterpart said Monday that the settlement is the result of months of "difficult and complex negotiations among numerous stakeholders."
Keach says the only party with potential liability that has declined to participate in the settlement fund is Canadian Pacific Railway, which transported the oil to Montreal, where it handed off the train to Montreal, Maine & Atlantic Railway before the derailment.
A spokesman for CP says the company believes the victims of the derailment deserve compensation, but it's not responsible for what happened.
"The company contends that it's not among the parties responsible for the incident, the train was not operated by CP employees or travelling on CP tracks, nor were our locomotives, our railcars or product involved in the derailment," Martin Cej said.
"But as the matter remains before the courts, CP has no further comment beyond that."