SPS Technologies Agrees to $5M Payout After 2025 Factory Blaze

SPS Technologies and its parent company, Precision Castparts Corp., have proposed a $5 million settlement to resolve a class-action lawsuit stemming from a significant factory fire on February 17, 2025. The blaze in Abington Township, Montgomery County, led to school closures, SEPTA train stoppages, and mandatory evacuations for nearby residents.

The proposed settlement, pending court approval, establishes a $5 million fund for eligible claimants. Business owners can receive up to $5,000 for unreimbursed losses, while employees may claim up to $200 for lost wages. Property owners within a one-mile radius could receive up to $300 for damages. The settlement also allocates funds for legal fees and awards to lead plaintiffs.

The lawsuits alleged that the fire, which required five days to extinguish, was caused by the defendant's failure to properly maintain its facility. The fire released plumes of smoke, raising concerns about air quality due to chemicals stored at the factory. Claim forms for the settlement must be filed by December 3.