Federal Magistrate: Some Investor Claims Over 2023 Derailment Should Be Tossed

(July 30, 2024, 1:32 PM EDT) -- NEW YORK — Investors failed to show that railroad company Norfolk Southern Corp. and certain of its executives had an obligation to disclose previous federal compliance failures in the company’s strategic plan, which meant that the investors failed to show that the plan was false or misleading, a federal magistrate judge said in a report recommending that some claims related to the strategic plan be dismissed from a putative class complaint alleging that the company misled investors leading up to a February 2023 train derailment in Ohio....