Apr 09, 2015

Notice of Settlement of Class Action Lawsuit in the United States

Yusen Logistics Co., Ltd. ( the “Company”) and its American subsidiary, Yusen Logistics (Americas) Inc. (“Yusen Americas”), reached agreement on April 8, 2015 with the plaintiffs concerning the class action lawsuit filed on the grounds that fuel surcharges and other charges relating to international air freight forwarding services violate United States antitrust law. The details are set forth below.

1. Background of the Case and Details of the Settlement
The Company and Yusen Americas were named as defendants in a class action lawsuit filed by plaintiffs in the United States against more than 60 international freight forwarding companies located around the world including the Company.

The Company and Yusen Americas raised various defenses to the class action lawsuit and believe that our claims are well-grounded, but taking into consideration various factors including the United States litigation system, future litigation-related expense burdens, the burdens of litigation activities, eight Japanese international freight forwarding companies including the Company (here and hereafter, including their United States subsidiaries) decided to settle the case with the plaintiffs.

2. Impact on the Company’s Financial Results
Since the company reserved 1,478 million Japanese yen as a provision for alleged antitrust law violation in the first quarter of the fiscal year ended March 2015, there was no impact on the Company’s financial results for the fiscal year ended March 2015.

3. Future Action
The above settlement agreement is subject to approval by the United States court. The Company and its group companies view this matter very seriously and are committed to reinforcing our legal and compliance systems even further.