14
September
2012
|
17:35
Europe/Amsterdam

Kuehne + Nagel settles out of court with Plaintiffs in US Antitrust Class Action

Kuehne + Nagel has entered into an agreement to settle a US class action lawsuit alleging anticompetitive practices in relation to certain surcharges for freight forwarding services. The US based class action lawsuit sought civil damages for conduct previously investigated by the US Department of Justice.

The class action settlement, which is subject to US court approval, provides that Kuehne + Nagel will pay an amount of USD 28 million, and in addition, assign proceeds itself receives from a pending class action against airlines. The payment will be effected from a provision built for this purpose.

Karl Gernandt, Chairman of Kuehne + Nagel International AG: “With this settlement we will be able to finally conclude the painful litigation in the United States related to past antitrust allegations – already in November 2011 the respective United States District Court approved the plea agreement between Kuehne + Nagel and the US Department of Justice.”