Panalpina Earmarks $111M For DOJ, SEC Settlements

Law360 (April 29, 2010, 4:54 PM EDT) -- Swiss logistics powerhouse Panalpina Welttransport Holding AG has set aside 120 million Swiss francs ($111 million) to resolve separate price-fixing and corruption investigations by U.S. regulators.

Commenting on its first quarter performance, Panalpina said on Thursday that it is closing in on settlements with both the U.S. Department of Justice and the U.S. Securities Exchange Commission, and has earmarked 120 million Swiss francs to cover fines and legal fees.

"In view of the advanced stage of the settlement negotiations with the DOJ and the SEC, Panalpina has decided to reserve CHF 120 million, an amount anticipated to cover fines, other penalties...

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