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Panalpina agrees terms in US lawsuit
[ October 23, 2013 // Chris ]Panalpina said on 23 October that it had entered into a preliminary agreement to settle a US class lawsuit filed in 2008 over anticompetitive practices on freight surcharges. The forwarder has agreed to pay US$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 US court approval and will impact the fourth quarter 2013 results.
The civil class action lawsuit was filed against a number of air freight forwarders, including Panalpina,following investigations by the US Department of Justice (DOJ). The case was settled with the DOJ in 2010 through a plea agreement.