Panalpina enters into preliminary agreement to settle U.S. antitrust class action
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 (see media release from October 1, 2010). 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. Drawing on in-depth industry know-how and customized IT systems, Panalpina manages the needs of its customers’ supply chains, no matter how demanding they might be. The Panalpina Group operates a global network with some 500 offices in more than 70 countries, and it works with partner companies in a further 90 countries. Panalpina employs around 16,000 people worldwide who deliver a comprehensive service to the highest quality standards – wherever and whenever.
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