TROUBLED Jones Act carrier
Horizon Lines has settled with "all remaining significant shippers"
for a sum of US$13.7 million in the Puerto Rican price fixing scandal that
nearly sunk America's biggest shipping line into bankruptcy.
"We are very pleased
with this settlement, which brings to closure our last known major financial
exposure relating to antitrust claims involving the Puerto Rico
tradelane," said Horizon CFO and vice president Michael Avara. "It
also eliminates the potential for protracted and costly litigation."
Horizon agreed to settle for
that amount in exchange for full release of all antitrust claims. Horizon will
pay $5.75 million this week, followed by another $4 million by next June, and a
final $4 million on December 24, 2012.
Shippers who had filed class
action lawsuits against Horizon Lines and other domestic carriers, who alleged
price fixing in the Puerto Rico trades between 2002 and 2008, have already been
paid $52.75 million, reported American Shipper.
But some shippers held out
for more. Horizon also said it reached separate deals with Wal-Mart, Home Depot
and Kimberly Clark, but it did not reveal how much it had paid.
Source : HKSG.
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