First class-action suits filed against Teo Siong Seng, Singamas and other container makers accused of cartel price-fixing
The plaintiffs are seeking damages, restitution and disgorgement of profits from the defendants
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[SINGAPORE] An importer and a trucking provider have filed the first class-action lawsuits against leading container makers and their executives, including Singapore shipping magnate Teo Siong Seng, alleging that they fixed prices of shipping dry containers.
These lawsuits came hot on the heels of the US Department of Justice’s (DOJ) May announcement accusing four container makers and their executives, including the 71-year-old Teo, of colluding to artificially inflate the prices of standard shipping dry containers by limiting output.
The plaintiffs are seeking damages, restitution and disgorgement of profits from the defendants. While no exact figures were specified, they asked the court to treble the amount of damages.
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