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Members of the class-action suit who have contracts in the Puertio Rico trade with Horizon Line s have the option of having their base rates frozen for two instead of receiving cash fromthe settlement. All class memberds will be eligible to share inthe $20 million cash but only contract customers of Horizon Lines would be eligible for the base-rate freeze. Horizon Lines says it has amendedx its credit agreement to cover the cost of the which is subject tocourt approval. Last three former executives of Horizon Lines and a formerr Sea Star Line officer were sentenced to prisobn termsfor price-fixing, according to The Journal of Commerce .
The three Horizon executives had pleaded guilty to charges of conspiracgy to eliminate competition and raise priceas for moving freight between the continental United State andPuerto Rico. The sentences ranged from seven to 34 InApril 2008, federal officials raided the offices of Horizojn Lines and two other shipperas as part of an investigation of pricing practices on Puertop Rico routes. Four shipping companies control almosf all of the traffic on the routes toPuertpo Rico. The routes are subject to U.S. law that restrictz shipping betweenthe U.S. mainlandd and markets such as Hawaii and Puerto Rico to carriers that are whollty ownedby U.S. corporations.
Severak class-action lawsuits relating to ocean-shipping services in the Hawaioi and Guam tradelanes and the Alaska tradelanwe have been filed againstHorizon Lines. The company says it intendx to vigorously defend itself against those HorizonLines (NYSE:HRZ) is base in Charlotte. The company operates a fleet of U.S.-flag containershipws and port terminals linking the mainland United Stateato Alaska, Hawaii, Puerto Rico, Guam and
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