Panalpina offers US$35m to settle US lawsuit

PANALPINA has entered into a preliminary agreement to settle a US class action lawsuit alleging anticompetitive industry practices regarding freight surcharges.
The Switzerland-based air and ocean logistics company has agreed to pay US$35million, which includes previously received proceeds (from airlines) of $5.8million, in an unrelated class action against various carriers.
The settlement is subject to US court approval and will impact the company’s fourth quarter 2013 results.
The civil class action lawsuit was filed in the USA in 2008 against a large number of airfreight forwarders, including Panalpina, as a direct consequence of investigations by the US Department of Justice (DOJ) for violations of the Sherman Antitrust Act regarding certain surcharges imposed on international airfreight forwarding services.
That case was settled with the US DOJ in 2010 by entering into a plea agreement.
Panalpina has agreed to enter into the current settlement agreement to avoid additional costs and the risk of trial.
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