A U.S. court has approved a multimillion-dollar settlement in a securities fraud class-action lawsuit against a bankrupt energy exploration company for which embattled Sen. Pamela Wallin was a director, The Globe and Mail reported. Between June 2007 and December 2011, Wallin was a paid member of the board of Oilsands Quest Inc., a Calgary-based exploration company. As a director, the Saskatchewan senator was named in the lawsuit along with fellow board members, TD Securities and Calgary consulting firm McDaniel and Associates.

The rail company whose oil tanker train blew up in a Quebec town last month, killing 47 people, will be allowed to continue operating through Oct. 1 after providing insurance documentation demanded by Canadian authorities, Reuters reported. The Canadian Transportation Agency (CTA) said on Friday it would let Montreal, Maine and Atlantic Railway (MMA) and its Canadian subsidiary keep trains moving for now. Earlier this month it had ordered MMA to cease operations, saying the railway lacked adequate insurance.

Canadian Pacific Railway has been ordered by a federal agency to resume the transfer of cargo traffic to Montreal Maine and Atlantic Railway, CTV News reported on a Canadian Press story. Calgary-based CP had expressed concerns about the "fitness" of the insolvent short-haul railroad to safely handle hazardous substances in light of the deadly derailment and crash last month that devastated Lac-Megantic, Que.

The Finnish paper company Stora Enso Oyj agreed to pay $8 million to end a nearly nine-year-old antitrust lawsuit accusing a former unit of conspiring to fix prices for purchasers of coated paper used in magazines and catalogs, Reuters reported. According to a filing on Monday with the U.S. District Court in Bridgeport, Connecticut, the settlement resolves claims against Stora Enso and the former Stora Enso North America Corp unit, which was sold in 2007 and is now known as NewPage Wisconsin System Inc after going through bankruptcy.

The insolvency of one of Canada’s largest and oldest contracting firms is having a ripple effect on companies in Sudbury and across Northern Ontario, NorthernLife.ca reported. The Comstock Group of Burlington is under bankruptcy protection and a number of Sudbury-area industrial suppliers, engineering firms, equipment rental and fabrication shops, which worked as service firms on projects in Sudbury and across Canada, have been hit particularly hard. Forty-two Sudbury-area companies showed up on a list of unsecured creditors owed greater than $1,000.

The Canadian province of Quebec has ordered Canadian Pacific Railway Ltd to help pay clean-up costs after a train disaster that killed 47 people and said on Thursday the company has no choice in the matter. The disaster, North America's deadliest rail crash in two decades, destroyed the center of the Quebec town of Lac-Megantic last month after a runaway oil tanker train derailed on a curve and exploded. Crews are still cleaning up the 1.48 million U.S. gallons (5.6 million liters) of oil that spilled. "Let's be clear.

Lone Pine Resources Inc. failed to make a US$10.1-million, semi-annual interest payment on its senior secured notes Thursday, setting the clock ticking on a possible default the could force the natural gas and light oil developer to seek protection from creditors, Stockhouse reported. The company, incorporated in Delaware but headquartered in Calgary, said failure by Lone Pine Resources Canada Ltd. to make the payment will result in default on the 10.375 per cent senior notes maturing in 2017 unless remedied within 30 days.

Canada will shut down the rail operator whose tanker train blew up in a Quebec town last month, killing 47 people, because the firm does not have enough insurance to pay clean-up costs and other damages, a government regulator said on Tuesday, Reuters reported. The Canadian Transportation Agency said it would suspend the operating license of Montreal, Maine and Atlantic Railway (MMA) and its Canadian subsidiary from Aug.

The Canadian subsidiary of Montreal, Maine & Atlantic Railway, whose train ravaged Lac-Mégantic, got the creditor protection it was seeking, but the Quebec Superior Court judge who granted its request had some harsh words for the railway’s directors, The Globe and Mail reported. Justice Martin Castonguay granted the stay of proceedings against the railway company on Thursday to “avoid judicial anarchy.” However, the judge initially excluded the directors of Montreal Maine & Atlantic Canada from the court’s protection.

The U.S.-based company whose train derailed in Lac-Mégantic, Que., last month announced Wednesday that it has filed for bankruptcy protection in both Canada and the United States, The Globe and Mail reported. Montreal, Maine & Atlantic Railway issued a statement Wednesday afternoon saying it has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Maine. The Canadian division of the company also filed a petition under the Companies’ Creditors Arrangement Act with the Superior Court of Quebec in Montreal, according to the statement.