More than 50 lawyers descended on a Sherbrooke courtroom Monday morning to discuss the financial future of the people of Lac-Megantic.

One legal team is fighting on behalf of 3,500 Lac-Megantic residents, who are part of a class action lawsuit.

The others represent the Canadian government and the dozens of companies alleged to share some responsibility for the tragic derailment and explosion almost one year ago.

Phase one of the class action process is seeking a judge’s authorization for the lawsuit to proceed.

Fifty-three groups or individuals are being sued, including Transport Canada.

“We're starting right with the wellhead in North Dakota. We're moving up through the various shippers and transporters, including World Fuel, CP Rail, MMA, of course, and Irving as the importer,” said Joel Rochon, a lawyer for the plaintiffs.

The plaintiffs believethese parties and others share responsibility - and aim to prove it in court.

There are two main allegations:

First, lawyers allege some of the highly explosive fuel in the tanker cars was mislabeled.

“Secondly, with respect to the tanker cars, why were they using thee old dilapidated tanker cars that had served their use 30, 40 years ago? Why were they still using them when they had a propensity to blow up, especially when they're carrying volatile fuels like this Bakken shale liquid?” said Rochon.

The lawyers for the Lac-Megantic plaintiffs said a transportation safety report shows the government knew for years there were problems with the Dot-111 tankers, but they weren't recalled nor were they upgraded.

The derailment and subsequent explosion killed 47 people in July 2013, and also destroyed the centre of town.

“I think psychologically it was important for the judge that this be heard before the first anniversary and we're hoping that this will propel the case into overdrive and hopefully come up with a fair resolution for the people of Lac-Megantic shortly,” said Rochon.

A decision about whether or not the class action lawsuit will be authorized is expected in the fall. If it is allowed to proceed, the plaintiffs could stand to win hundreds of millions of dollars.