12:29 PM EDT, 05/23/2024 (MT Newswires) -- (Updates with additional details in the third and fourth paragraph.)

Norfolk Southern ( NSC ) reached a settlement with US regulators valued at more than $310 million for its role in the Feb. 3, 2023 train derailment in East Palestine, Ohio, the US Justice Department and Environmental Protection Agency announced Thursday.

If the settlement is approved by the US District Court for the Northern District of Ohio, NSC will be required to improve rail safety, pay for health monitoring and mental health services for the impacted communities, fund long-term environmental monitoring, pay a $15 million civil penalty and take other actions to protect nearby waterways and drinking water resources, the agencies said.

Norfolk said Thursday that the consent decree covers about $57 million in reimbursement of EPA's full response expenses, and it agreed to clean up the derailment site and undertake projects to address pollution and improve water quality in the region.

Additionally, the company will continue monitoring surface water and groundwater bodies, establish a drinking water monitoring program and a $25 million community health program, and spend $244 million on safety initiatives through 2025.

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