October 24 - Panalpina has entered into a preliminary agreement to settle a US antitrust class action, alleging anticompetitive industry practices regarding certain freight surcharges.
Panalpina has agreed to pay an amount of USD35 million, which includes previously received proceeds of USD5.8 million, in an unrelated class action against various airlines.
This settlement is subject to US court approval and will have an impact on the Swiss company's fourth quarter, 2013 results.
The civil class action lawsuit was filed in the USA in 2008 against a number of air freight forwarders, including Panalpina, as a direct consequence of investigations by the USA's Department of Justice for violations of the Sherman Antitrust Act, regarding certain surcharges imposed on international air freight forwarding services.
The case was settled with the Department of Justice in 2010 when Panalpina entered into a plea agreement, which was reported by HLPFI on November 5, 2010.
www.panalpina.com
