The law firm representing the families of 47 people killed in the 2013 Quebec train crash says it has received a financial proposal that would see them split US$61 million in compensation.

Chicago-based law firm Meyers & Flowers says it will be closely reviewing the settlement to determine whether the defendants are paying sufficient funds.

Much of downtown Lac Megantic was destroyed by a raging fire after an unattended Montreal, Maine & Atlantic train with 72 oil tankers derailed in the middle of the night.

The money was cobbled together from nearly two dozen companies representing oil exploration firms, tank car owners, the Irving Oil company, the Canadian government, Montreal, Maine & Atlantic rail company and several insurance firms.