SOURCE: Stolt-Nielsen S.A.
|
April 27, 2010 18:24 ET
U.S. Supreme Court Rules in Favour of Stolt-Nielsen S.A. in Rejecting Class Arbitration
LONDON--(Marketwire - April 27, 2010) -
This information is subject of the disclosure requirements acc. to §5-12
vphl
(Norwegian Securities Trading Act)
LONDON, April 27, 2010 - Stolt-Nielsen S.A. (OSLO: SNI) announced that the
Supreme Court of the United States today ruled in the Company's favour,
rejecting class arbitration of certain antitrust claims brought by a
purported
class led by AnimalFeeds International Corporation. The Court's
majority
opinion said an arbitration panel's earlier decision that had permitted
class
arbitration was in conflict with the principle that arbitration is a matter
of
consent.
Following an adverse ruling by the U.S. Court of Appeals for the Second
Circuit,
the Company appealed the decision to the U.S. Supreme Court and was granted
a
hearing in December 2009. Today's favourable ruling means that AnimalFeeds
may
bring antitrust claims against Stolt-Nielsen S.A. only on behalf of itself
and
not on behalf of a large, putative class of claimants.
Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen S.A.,
commented: "We are very pleased with today's decision by the U.S. Supreme
Court
rejecting class arbitration treatment."
About Stolt-Nielsen S.A.
Stolt-Nielsen S.A. (SNSA or the "Company") is a leading global provider of
integrated transportation solutions for bulk liquid chemicals, edible oils,
acids, and other specialty liquids through its three largest business
divisions,
Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea
Farm
produces and markets high quality turbot, sole, sturgeon, and caviar.
Stolt-Nielsen Gas transports liquefied petroleum gas (LPG) with its growing
fleet of very large gas carriers (VLGCs). Stolt-Nielsen S.A. is listed on
the
Oslo Stock Exchange.
[HUG#1409047]