Stolt-Nielsen: U.S. court dismisses antitrust indictment against company, execs |
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Sat, 01 Dec 2007 00:01
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SAN FRANCISCO (Thomson Financial) - Stolt-Nielsen S.A. said Friday a U.S. district court has dismissed the antitrust indictment brought by the Justice Department against the London-based shipping company and two of its executives.'The [antitrust] division has no reasonable basis upon which to void or revoke the agreement because it has not demonstrated any breach by Stolt-Nielsen or the individual defendants,' said Judge Bruce Kauffman, of the U.S. District Court for the Eastern District of Pennsylvania. Kauffman referred to the company's amnesty agreement with the DOJ, which was revoked in 2004.'Accordingly, the indictment will be dismissed,' Kauffman said in the 79-page ruling, according to the company.The federal indictment related to price-fixing and other illegal cartel activities.In a statement, Stolt-Nielsen Chief Executive Niels Stolt-Nielsen said, 'We are pleased that justice has been served.'Katherine Huntkh/gmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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