Horizon Lines Will Pay $45 MILLION After Pleading Guilty in Price Fixing Scheme

163

Guam – The Charlotte Observer is reporting that the Charlotte-based shipping company Horizon Lines has agreed to pay a $45 million fine and plead guilty to taking part in a scheme to fix prices for freight transportation to Puerto Rico.

As a result of the settlement, the paper reports that the company’s directors voted Thursday to suspend all cash dividend payments on outstanding stock.

Read the Charlotte Observer report

According to the report, the plea caps a long-running Justice Department investigation into Horizon that sent three company executives to prison in 2008.

Horizon operates a fleet of 20 container ships and port terminals in Hawaii, Guam, Micronesia, Alaska and Puerto Rico.