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Expeditors International Hires Law Firm
Breaking Legal News |
2007/11/06 04:11
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| The head of Expeditors International of Washington Inc. said Tuesday the freight forwarding company has hired a "noted law firm" to help it deal with an ongoing probe of the air cargo business, but no proof of wrongdoing has been found. In a brief statement included with the company's third-quarter earnings, Chairman and Chief Executive Peter J. Rose also said the company is "taking this whole issue very seriously" and continues to cooperate with Department of Justice investigators. The law firm is helping the company conduct "a very rigorous self-review," he said. "As part of this process, we have met with and continue to cooperate with the DOJ. There has been no determination made at this stage that any anticompetitive behavior occurred," Rose said. "We are doing our utmost to conduct 'business as usual.' It is our intention not to disrupt our employees' routine or their ability to meet the needs of our customers." Last month, Expeditors International said it received a subpoena from the Justice Department to hand over information and documents related to the investigation. It did not comment further at the time. Bear Stearns analyst Edward Wolfe said then that the department's antitrust division is working with the European Union and other foreign officials to investigate "possible anticompetitive practices in the international freight industry." |
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