The two countries issued a joint statement Tuesday announcing the entry into force of a compensation agreement drafted in December 2014 after years of legal wrangling.
The settlement creates a fund with USD 60 million paid by France to the United States to compensate thousands of non-French citizens, their spouses or descendants who were not covered by a settlement program that France put in place in 1946.
"In turn, the United States will ensure an enduring legal peace for France with regard to Holocaust deportation claims in the United States," it said, alluding to lawsuits brought in the United States against SNCF.
Requisitioned by the Nazi regime in Germany, the French rail company transported 76,000 Jews across France to the death camps from 1942 to 1944. About 3,000 survived, according to SNCF.
Also Read
There have been calls for SNCF itself to compensate US victims.
But the French foreign ministry argued in December that the SNCF was an instrument of the deportation but had never been held responsible.
"It is the responsibility of French authorities to assume the consequences," it said, noting that SNCF was not part of the negotiations that led to the compensation agreement.