Norfolk Southern shareholders sue over Ohio derailment

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By Jonathan Stempel (Reuters) – Norfolk Southern Corp shareholders have accused the railroad of defrauding them by prioritizing profit over safety prior to last month’s derailment of a train carrying hazardous chemicals in East Palestine, Ohio. In a lawsuit filed on Thursday in Columbus, Ohio, federal court, shareholders said Norfolk Southern played down the risks of using what is called “Precision Scheduled Railroading,” which relies on longer and heavier trains that require fewer workers. Shareholders said Norfolk Southern embraced a “culture of increased risk-taking” that left it vulnerable…

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