Swift Transportation Settles Driving Academy Class Suit, Offers Clarification
Swift Transportation Company, Inc. ("Swift") (NYSE: SWFT) announces it has settled the driving academy class action litigation related to the issuance of commercial driver licenses (CDLs) in Tennessee. All amounts related to this settlement were fully reserved in prior periods in accordance with generally accepted accounting principles, and thus there will be no additional charges in the fourth quarter of 2012 or future periods. The settlement is not an admission of liability and provides expressly that Swift denies the allegations of the lawsuits and denies that it engaged in any wrongdoing or improper conduct.
Swift also announces that it has settled its cross claim against the Tennessee Department of Safety ("TDOS") that was part of the driving academy class action litigation. This settlement includes a formal retraction by TDOS of its public statements relating to the third party CDL testing of drivers and payment by TDOS for a portion of the costs that Swift incurred in the litigation.
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