TROUBLED Horizon Lines has failed in its appeal to a federal appeals court in Philadelphia against a district court judgment on it for price fixing in in the US-Puerto Rico trade.
The US Court of Appeals upheld the district court's ruling that Horizon senior executives "made statements about Horizon's financial health, in particular explaining why Horizon was increasing rates in a tight Puerto Rico market," reported American Shipper, adding that those statements were "false because the company's apparent well-being was due to price fixing" and not the reasons Horizon gave.
Previously, the district court said that "senior executives made false statements, and they made those false statements with scienter [intent or knowledge of wrongdoing]."
Previously, the district court said that "senior executives made false statements, and they made those false statements with scienter [intent or knowledge of wrongdoing]."
Source : HKSG.
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