Law firms representing plaintiffs in the Precision Associates v. Panalpina World Transport freight forwarding price-fixing class action issued a notice yesterday advising of an additional $197 million in settlements they reached with defendants in the case.
The civil class action lawsuit was originally filed in the U.S. in 2008 against a large number of air freight forwarders, as a direct consequence of investigations by the U.S. Department of Justice (DOJ) for violations of the Sherman Antitrust Act regarding certain surcharges imposed on international air freight forwarding services. This case was settled with the U.S. DOJ in 2010 by entering into a plea agreement.
Plaintiffs previously reached settlements with ten companies totaling over $100 million and settlements have now been reached with 19 additional defendants. The settlements involve a lawsuit claiming that certain freight forwarding companies conspired on prices for their freight forwarding services worldwide, including on routes in the U.S. and between the U.S. and China, Hong Kong, Japan, Taiwan, India, Germany, the U.K. and other parts of Europe.
If individuals or companies used the services of certain freight forwarders, they may be entitled to a potentially significant cash payment from the settlements. A “class member” is included in one or more of the settlements if they: 1) Directly purchased Freight Forwarding Services; 2) from any of the Settling or Non-Settling Defendants, their subsidiaries, or affiliates; 3) from January 1, 2001 through January 4, 2011; 4) in the U.S., or outside the U.S. for shipments within, to, or from the U.S.
The amount of money you can receive from the class action lawsuit settlement will be based on the following Plan of Allocation:
- Ten percent (10%) of the net settlement proceeds from all Settling Defendants will be paid to Class Members with valid claims based on the total dollar volume of Worldwide Freight Forwarding Services purchased during the Class Period.
- Ninety percent (90%) of the net settlement proceeds from all Settling Defendants will be paid to Class Members based on the surcharges paid on the shipping routes of the Settling Defendants for which a particular Class Member paid surcharges on freight forwarding services.
Purchasers will need to submit a Claim Form, online or by mail, by March 31, 2016 to get a payment from the Settlements. A court hearing will be held on November 2, 2015 to consider whether to approve the settlements and the requested attorneys’ fees for this litigation.
Claim Forms and more information on your rights in the Freight Forward Class Action Lawsuit Settlement can be found at www.FreightForwardCase.com.