Recruiter to Cooperate in Deal with Workers Suing Major US Shipbuilders
A maritime industry recruiter has agreed to work with plaintiffs and share worker compensation data in a lawsuit accusing major U.S. shipbuilders of limiting employee mobility, marking the first settlement in the case.Attorneys for a proposed class of engineers and architects suing General Dynamics, Huntington Ingalls Industries and other companies disclosed the settlement with Faststream Recruitment on Tuesday in Alexandria, Virginia federal court.The October lawsuit said the shipbuilders violated U.S.
MOL Breached South Korean Antitrust Law
The Fair Trade Commission of South Korea (KFTC) announced on August 21, 2017 that several companies including MOL have breached South Korean antitrust law with respect to car carrier services. "MOL and other shipping companies have been investigated by the KFTC due to the suspicion of antitrust law violation. MOL has fully cooperated with the KFTC during the investigation," said a press statement from the company. Though the KFTC announced that they found the violation of South Korean antitrust law and imposed a fine, MOL and its subsidiary company, Nissan Motor Car Carrier Co., Ltd. (NMCC) was exempted from all penalty including the fine because KFTC granted MOL's and NMCC's joint application under the KFTCs leniency program.
Italian Pleads Guilty to Marine-hose Price-fixing in US
A former executive of Parker ITR Srl pleaded guilty on Thursday to conspiring to rig bids for marine hose and was sentenced to two years in prison, the U.S. Justice Department said on Thursday. Romano Pisciotti, who is Italian, had been flown into the United States from Germany in early April in the first extradition on charges of breaking antitrust law, the department said. Marine hose is used to move oil between storage facilities and tankers. Five companies - Parker ITR, Bridgestone Corp…
Newport News Takeover Far From Being Finalized
The U.S. Defense Department wants more data from rivals for the $2.1 billion takeover of Newport News Shipbuilding Inc. and may still be weeks or months away from recommending which offer if either to allow, a top Pentagon official said on Wednesday. General Dynamics Corp. and Northrop Grumman Corp. said last week that they had agreed with the departments of defense and justice to delay any effort to close their competing bids until at least August 20. Under U.S. anti-trust law, the Justice Department has 10 business days to reach a final decision on a proposed all-cash acquisition after the would-be acquirer turns over all merger-related information sought by regulators.
DoD To Starts Newport News Shipbuilding Bid Review
Competing bids for Newport News Shipbuilding Inc. remain under review by the Defense Department and a final recommendation is several weeks away. General Dynamics Corp. on Monday said more than half of Newport News' shares had been tendered in response to its $2.1 billion takeover offer, but Northrop Grumman Corp. continues to press its own bid, saying it alone can get antitrust clearance. Aldridge, speaking before testifying to Congress on advanced weapons research, said he would ultimately make a recommendation in consultation with Defense Secretary Donald Rumsfeld. Completion of the Pentagon's review is "probably still several weeks away," Aldridge said. The report would then be forwarded to the U.S. Justice Department, which is weighing whether the deals pass antitrust muster.
