Lac-Megantic settlement fund goes into effect
Robert J. Keach of Bernstein Shur, the Chapter 11 trustee for Montreal Maine & Atlantic Railway, Ltd., and Richter Advisory Group Inc., the monitor in the Montreal Maine & Atlantic Canada case, announced Tuesday that the settlement fund established under the court-approved plans in both cases has been fully funded in the amount of approximately CAN $460 million.
The funding of the settlement fund paves the way for distributions to victims to begin as soon as practicable in the New Year.
The trustee will this week transfer approximately CAN $114 million to the trust for the benefit of the holders of wrongful death claims. The decedents’ families will soon receive notice from the wrongful death trustee, an individual chosen jointly by the trustee and the lawyers for the victims’ families, regarding upcoming distributions to be made to those lawyers for the benefit of the families.
“We are very pleased that we will be able to fund the trust before the holidays, and that distributions will reach the families as soon as possible next year,” Keach said in a statement posted on the Bernstein Shur website.
Distribution of approximately CAN $317 million to the holders of personal injury, moral damage, and economic and property claims, as well as to the federal, provincial and local government claims, will be handled by the monitor and will also take place in 2016.
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