06/09/2015 12:12 EDT | Updated 06/09/2016 01:12 EDT

Fund for victims of fiery Lac Megantic oil train derailment reaches $345 million

PORTLAND, Maine - The compensation fund for victims of a fiery oil train derailment in Lac Megantic, Que., that claimed 47 lives has grown to $345 million with a contribution from the company that owned the shipment.Officials say World Fuel Services Corp. agreed to contribute $110 million.Much of downtown Lac Megantic 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 product 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 Limited (TSX:CP), which transported the oil to Montreal.

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