Canada suspends license of Montreal, Maine & Atlantic

Montreal, Maine & Atlantic Railway Ltd., whose runaway oil train exploded and killed 47 people in a Quebec town last month, had its operating certificate suspended by Canada’s transportation regulator.

The Canadian Transportation Agency said the carrier lacked sufficient liability coverage in the wake of the disaster in Lac-Megantic, according to a statement today. The suspension of the so-called certificate of fitness will take effect Aug. 20.

Read the complete story at Bloomberg Businessweek.