Panalpina: Preliminary agreement to settle U.S. antitrust class action
Preliminary agreement: Panalpina agreed to pay an amount of USD 35 million to avoid cost and risk of trial
Panalpina entered into a preliminary agreement to settle a U.S. class action lawsuit alleging anticompetitive industry practices regarding certain freight surcharges. Panalpina agreed to pay an amount of USD 35 million, which includes previously received proceeds of USD 5.8 million, in an unrelated class action against various airlines. The settlement is subject to U.S. court approval and will impact the fourth quarter 2013 results.
The civil class action lawsuit was filed in the U.S. in 2008 against a large number of air freight forwarders, including Panalpina, as a direct consequence of investigations by the U.S. Department of Justice (DOJ) for violations of the Sherman Antitrust Act regarding certain surcharges imposed on international air freight forwarding services. This case was settled with the U.S. DOJ in 2010 by entering into a plea agreement. Panalpina agreed to enter into the current settlement agreement to avoid cost and risk of trial.
The Panalpina Group is one of the world’s leading providers of supply chain solutions. The company combines its core products of Air Freight, Ocean Freight, and Logistics to deliver globally integrated, tailor-made end-to-end solutions, based on a global network with some 500 offices in more than 70 countries together with partner companies in a further 90 countries. Panalpina employs around 16,000 people worldwide.
Quelle: LogEastics
Portal: www.logistik-express.com