The official court filing is expected momentarily in U.S. District Court.
In a statement released on Wednesday, Metrolink stated that the fund is intended to quickly and fairly compensate those affected by the crash.
They also explained that the court filing will "provide compensation on an accelerated basis - potentially years faster than without this action - and would also make available the maximum level of funds to injured and deceased passengers and affected family members."
Metrolink's board chairman, Keith Millhouse, said $200 million is the maximum liability for a train accident under federal law.
A commuter train and a Union Pacific freight train collided in September of 2008, killing 25 people and injuring more than 100 others.
Crash investigators believe that the engineer for the commuter train was texting when his train ran a red light, causing the head-on collision. The engineer was among those killed.
The Associated Press contributed to this report.