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Started by Joe Balkis Jan 1, 2012.
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European Union fines UPS, 12 others $225 million
United Parcel Service Inc.
was among 13 logistics companies fined a total of $225 million Wednesday by European Union antitrust regulators for allegedly being part of a group of cartels that colluded to fix air freight forwarding prices.
UPS's share of the total fine was about $13 million, according to a news release from the European Commission.
The commission said the group fixed air freight forwarding prices between 2002 and 2007. UPS (NYSE: UPS) told Reuters the cartel investigation in Europe started in 2007.
Deutsche Post’s Deutsche PostLatest from The Business JournalsFollow this companyDHL
Global Forwarding DHL Global ForwardingLatest from The Business JournalsFollow this company
DHL Global ForwardingLatest from The Business JournalsFollow this company also was part of the cartel but was the whistle blower that reported the cartel to EU regulators and it therefore will not be fined.
UPS’s chief rival, Memphis, Tenn.-based FedEx Corp FedEx CorpLatest from The Business JournalsFollow this company . (NYSE: FDX), was not included in the fines.
Atlanta-based UPS is one of the largest employers in the Louisville area, where it operates its largest air-sorting hub and bases its UPS Airline division.
At 2 p.m., the company's shares were down 84 cents, or about 1 percent, at $79.55 per share
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