06/17/2015 13:56 EDT | Updated 06/17/2016 01:12 EDT

Canadian Pacific asks judge not to approve Lac-Megantic derailment settlement

SHERBROOKE, Que. - Lawyers for Canadian Pacific Railway are asking a Quebec judge not to approve the proposed $430-million settlement fund for victims of the Lac-Megantic train derailment because they say the terms of the agreement are unfair to the company.Alain Riendeau told Quebec Superior Court Justice Gaetan Dumas today those terms severely limit Canadian Pacific's ability to defend itself in court.About 25 companies accused of responsibility in the July 2013 tragedy that killed 47 have put up millions in a settlement fund which would absolve them of legal liability.The fund was unanimously accepted by victims and creditors at a June 8 meeting in Lac-Megantic, Que.Canadian Pacific is the only company accused in the disaster that has refused to participate.Riendeau told the court the rail disaster didn't involve Canadian Pacific tracks, rail cars, products or employees.Dumas is hearing arguments from lawyer today as to whether he should accept the fund, with a decision to come at a later date.