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Indiaexportnews.com

Panalpina reaches US$35 million air cargo settlement in class action suit

  25.10.2013    

Swiss forwarding giant Panalpina has agreed to a fine of US$35 million to settle a US class action suit alleging price fixing air freight surcharges, according to the Shipping Gazette.
"The settlement is subject to US court approval and will impact the fourth quarter 2013 results," the company said in a press release.
The class action suit was against air freight forwarders, including Panalpina, after US Department of Justice (DOJ) investigations under the Sherman Antitrust Act.
This case was settled with the 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 amount from Panalpina includes previously received proceeds of $5.8 million in an unrelated class action against airlines.


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