Shipping Giant MSC Vows to Fight ‘Excessive' Fine Sought by US Agency [BNN Bloomberg (Canada)]
A.P MOLLER-MRS UNS/ADR (AMKBY)
NASDAQ:AMEX Investor Relations:
investor.maersk.com/investor-relations
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Source: BNN Bloomberg
handed down by the diminutive Washington regulator where the fight is playing out. The Federal Maritime Commission's enforcement, investigations and compliance bureau last week submitted an 81-page brief concluding that MSC Mediterranean Shipping Co. SA should pay civil penalties totaling $63.3 million for allegedly over-charging customers and incorrect billing in violation of the Shipping Act. The Geneva, Switzerland-based company, which reportedly made $27 billion during the pandemic-driven shipping boom through 2021 and 2022, called the penalties “excessive” and said that it will vigorously defend against the allegations. According to the commission's procedures, MSC's response is due by May 3, then the enforcement bureau will have until May 18 to submit an answer. After that, it could be months before an administrative law judge makes a decision, which could then be appealed. The FMC has handed out plenty of fines over the years, but it's hard to find one larger than was p
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