Loomis will appeal court decision in Denmark

Rhea-AI Summary

Loomis AB announced on August 30, 2021, that it will appeal a court decision in Denmark regarding alleged competition law violations dating from 2014 to 2016. The decision, which is appealable, did not address damages, which total DKK 228 million plus interest, to be discussed in a separate process post-appeal. Loomis maintains that it has complied with applicable laws and is confident in its position.

Positive

• Loomis's confidence in legal compliance may mitigate potential reputational damage.
• The appeal process allows Loomis to contest the court's decision.

Negative

• The ruling presents a significant financial risk with a competitor claiming DKK 228 million plus interest.
• Potential legal costs associated with the appeal might impact financials.

SOLNA, Sweden, Aug. 30, 2021 /PRNewswire/ -- As previously disclosed, in 2018 a competitor filed a lawsuit against Loomis AB's Danish subsidiaries, relating to alleged competition law infringements in the Danish market. A Danish court has today issued an appealable decision against Loomis. The decision relates to practices applied and agreements entered into between 2014 and 2016.

Loomis will appeal today's decision since Loomis is of the firm opinion that Loomis has acted in compliance with relevant laws.

The court has in its decision not considered the question of damages (the competitor's total claim is DKK 228 million plus interest), as this is only expected to be addressed in a separate process after the appeal process has been finalized.

This press release is also available on the company's website, www.loomis.com.

30 August 2021

CONTACT:

Patrik Andersson
President and CEO 

Mobile: +46 76 111 34 00   
Email: patrik.andersson@loomis.com

Kristian  Ackeby
CFO

Mobile: +46 70 569 69 98   
Email: kristian.ackeby@loomis.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/loomis-ab/r/loomis-will-appeal-court-decision-in-denmark,c3406305

The following files are available for download:

https://mb.cision.com/Main/51/3406305/1461513.pdf

Loomis will appeal court decision in Denmark

View original content:https://www.prnewswire.com/news-releases/loomis-will-appeal-court-decision-in-denmark-301365298.html

SOURCE Loomis AB

FAQ

What is the court decision Loomis is appealing?

Loomis is appealing a Danish court decision related to alleged competition law infringements that occurred from 2014 to 2016.

What is the financial claim against Loomis in the lawsuit?

The total claim against Loomis amounts to DKK 228 million plus interest.

When did Loomis announce the appeal of the court decision?

Loomis announced the appeal on August 30, 2021.

What are Loomis's actions following the court decision?

Loomis plans to appeal the court's decision as they believe they have acted in compliance with relevant laws.