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Final Approval of Oil Train Settlement is Delayed

PORTLAND, Maine - Final approval of a $338 million settlement for victims of an oil train derailment in Quebec has been delayed to provide time for the only party that's opposed to the fund to either join in the settlement or negotiate terms to withdraw its objection.

A U.S. bankruptcy judge on Thursday ordered the parties to reconvene Oct. 5, and the U.S. bankruptcy trustee is confident the settlement will be confirmed.

The settlement worth $446 million in Canadian dollars was the issue of negotiations with about two dozen companies. The only party with potential liability that declined to participate is Canadian Pacific, which contends it wasn't treated fairly under the deal.

Forty-seven people died in Lac Megantic, Quebec, when the runaway train with 72 oil tankers derailed on July 6, 2013.