Expolanka settles US lawsuit for US $ 6.75mn

Expolanka Holdings PLC yesterday said it settled a lawsuit against its US subsidiary by agreeing to pay US $ 6.75 million without acceptance of liability.

“We write to inform the Colombo Stock Exchange and our shareholder that Expolanka Holdings PL and our fully-owned indirect subsidiary Expolanka USA LLC at a mediation held in New Jersey, USA, resolved to conclude the dispute between RCS Logistics Inc. and ourselves with a full and final payment of US $ 6.75 million without acceptance of liability,” Expolanka said in a stock exchange filing.

It further said the payment would be made on or about October 18.

RCS Logistics Inc. had filed action against Expolanka USA LLC, Expolanka Holdings PLC and other claiming damages on account of several of its employees leaving the employment of RCS Logistics and joining Expolanka USA.