Norfolk Southern announced a $600 million class-action settlement over the East Palestine, Ohio, train derailment in February 2023.

Why it matters: The disaster sparked concerns about the effects of hazardous chemicals on nearby residents and called attention to the rail operator's safety record.

Between the lines: The deal, if approved by the court, would resolve all class-action claims within a 20-mile radius of the derailment, and for those residents who choose to participate, personal injury claims within a 10-mile radius, Norfolk Southern said in a statement.

• It was reached after talks with plaintiffs' attorneys mediated by court-appointed Layn Phillips, a former federal judge.

What they're saying: The deal "will provide substantial compensation to all affected residents, property owners, employees and businesses," several attorneys involved in the case said in a statement, Cleveland19.com reported.

• The actual allocations and payments will be determined by court-appointed class counsel, Norfolk noted.
• The deal adds to the $104 million Norfolk has already provided to East Palestine and the surrounding areas, ranging from $25 million for a "regional safety training center" to $21 million in "direct payments to residents," the company said.

Reality check: Some individual residents near the site have expressed disappointment with the deal, saying it doesn't go far enough, AP reported.

What we're watching: Norfolk shares closed up 1.1% today and are up 37% since late October, their low since the incident.

• The company has been engaged in a proxy fight with activist investor Ancora, which is seeking a management shake-up and control of the board.

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Just-in-time manufacturing is back — and not a moment too soon.

• The pandemic wrecked supply chains, undermining the once-seemingly foolproof strategy of scheduling production as soon as components arrived on site.

The big picture: Consultancy KPMG's monthly Supply Chain Stability Index — made with the Association for Supply Chain Management — shows a decline in the initial months of 2024 to the lowest point since February 2021.

• A lower measurement means less stress in the supply chain.

Yes, but: With zero representing an average level of stability for the U.S. over the last 15 years, the index is still displaying an elevated level of stress at 1.04 in February.

What they're saying: "While a complete return to pre-pandemic normalcy in 2024 is unlikely, there are positive developments such as the comeback of just-in-time inventory strategies," KPMG supply chain AI leader Jim Lee said in a statement.

🧴Billionaire Reinold Geiger is nearing a deal to take his skin-care company L'Occitane International private with funding from Blackstone. (Bloomberg)

💉 Pfizer said it will seek approval for its RSV vaccine for all adults after reporting positive results from a clinical trial. (Reuters)

Tesla settled a lawsuit concerning the 2018 fatal crash of an Apple engineer in Northern California, court documents show.

The big picture: The civil case was set to go to trial this week and would have brought scrutiny to Tesla's Autopilot.

• CEO Elon Musk sees the feature as a key part of the electric vehicle company's EV charging standard, and he's offered to license the driver assistance system to other car companies.

Between the lines: Tesla faces several lawsuits concerning Autopilot, but this case appears to be the first time the company has settled a case related to the software.

• The details of the settlement were not revealed in the filings confirming the deal in state court in San Jose, California.

The impact: Tesla shares closed up 2.3% today.

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Beyoncé is the first Black woman to lead Billboard's Top Country Albums chart with "Cowboy Carter."

• Debuting with 407,000 equivalent units in the U.S., it's the highest-performing album since Taylor Swift's "1989 (Taylor's Version)" in November 2023.

State of play: This is Beyoncé's eighth No. 1 album on the Billboard 200.

"Rather than heeding his warnings, Boeing prioritized getting the planes to market as quickly as possible, despite the known, well-substantiated issues he raised."