Vehicle Carriers: Settlement Agreement Reached with Mitsui, Nissan, World Logistics

A second settlement has been reached in the Class Actions. The Settlement Agreement was reached with the defendants Mitsui O.S.K., Ltd., Mitsui O.S.K. Shipping (U.S.A.), Inc., Nissan Motor Carrier Co. Ltd., and World Logistics Service (USA) Inc. (collectively, “MOL”). MOL has agreed to pay CAD $7,000,000 for the benefit of Settlement Class Members and to provide co-operation to the Plaintiffs in pursuing their claims against the remaining non-settling defendants (the “MOL Settlement Agreement”). The Settlement requires court approval and is not an admission of liability, wrongdoing or fault by MOL. The litigation will continue against the non-settling defendants.