Press release

30 May, 2018

Inchcape Shipping Services Enters into Settlement Agreement with the DOJ

Today, several Inchcape Shipping Services entities (“Inchcape”) entered into a settlement agreement with the U.S. Department of Justice and three individual plaintiffs with respect to Case No. 10-1109 (RBW) in U.S. District Court for the District of Columbia. Inchcape disputes the allegations made by the United States and individual plaintiffs in the litigation. Key aspects of the Inchcape entities' positions regarding the litigation are publicly available in the Inchcape motions to dismiss, which were filed with the Court in April 2016. The Court has not ruled on the motions to dismiss and, given the settlement, will not do so. Although Inchcape remains confident in its legal positions, the action was filed eight years ago and yet remains in its earliest stages. Absent this settlement, the litigation would likely continue to distract Inchcape personnel and drain resources for years to come.

Inchcape, accordingly, has determined that it must put this matter behind it, so that the company can focus on the future. The United States, the individual plaintiffs, and the Inchcape entities that are involved have entered the settlement agreement ending this matter without any finding of fault related to the disagreements that underlie the litigation.

Inchcape has cooperated fully with the United States investigation. Further, Inchcape and the United States Navy have worked together since early 2014 under an Administrative Agreement to ensure that Inchcape has substantial controls and processes in place to maintain operations with the United States Navy.

Inchcape Shipping Services and its predecessors have proudly supported the maritime industry since 1847.