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>FREDs govern train speed?
I prefer the term EOT, but yes.
No EOT means you're a 30 mph train. Not supposed to depart an initial terminal on any train with more than 4,000 trailing tons without one. You cannot report clear of track authorities without visually seeing the last car in the train, or a qualified employee giving you a roll-by and stating that they see your marker light, flag, or non-operational EOT on the rear.
But back to the other part of your post, almost no engineer will put the train in emergency unless they hit something or are about to run through a switch, over a derail, into cars or engine, or past a signal displaying stop indication. A lot of these new road motors will instantly alert the RTC/dispatcher that the train was placed in emergency and they'll come on the radio asking you why did such. You're going to sound like a jackass when you say "we thought we were going to hit some kid on the tracks, but we didn't"
Corny is right that there will be an appeal, and that CSX will either pay nothing, or simply settle out of court. I'm leaning towards the latter even though I don't agree with it. The train wasn't really speeding if the EOT was temporarily out. That happens a lot when you're in hilly territory.