K+N settles for US$28m
16 / 10 / 2012
KUEHNE+NAGEL has agreed to pay US$28m to end its “painful” price fixing trial.
The US lawsuit, which sprang from the US Justice Department investigation into price fixing, alleges anticompetitive practices in surcharges for freight forwarding services.
The class action settlement, which is subject to court approval, provides that the freight forwarder will also pass on proceeds from its own legal action against airlines.
Karl Gernandt, Chairman of Kuehne+Nagel International AG, says: “With this settlement we will be able to finally conclude the painful litigation in the US related to past antitrust allegations – already in November 2011 the respective US District Court approved the plea agreement between Kuehne+Nagel and the US Department of Justice.”