Panalpina agrees to settle US antitrust class action suit
The Basel (Switzerland)-based logistics service provider Panalpina has entered into a preliminary agreement to settle a US class action lawsuit alleging anticompetitive industry practices regarding certain freight surcharges. Panalpina agreed to pay USD 35 million, which includes previously received proceeds of USD 5.8 million, in an unrelated class action suit against various airlines. The settlement is subject to US court approval and will impact Q4/2013 results.
The civil class action lawsuit was filed against a large number of airfreight forwarders, including Panalpina in the USA in 2008. It was 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. 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 the cost and risk of a trial.