For the first time since a toxic train derailment in Ohio. The company’s annual investor meeting comes as Norfolk Southern has lost about $10 billion in market value since the Feb. 3 accident, while some investors are signaling their discontent with management. The WSJ’s Esther Fung reports that New York state Comptroller Thomas P. DiNapoli, who oversees the state’s pension system, said the retirement fund will vote against all 13 of Norfolk Southern’s board nominees. Another retirement fund is suing the railroad, charging it made misleading statements about the safety of its operations. The freight railroad has said the price tag for the cleanup and related costs could approach $400 million. The costs could reach executives, with the New York fund saying it is voting against approving executive compensation.
Also, BNSF Railway’s first-quarter earnings fell 8.8% as consumer products volume declined 16.4%.