Shipping Co. Trustee Awarded $10M To Cover Pension Debt

Law360, London (April 10, 2019, 6:23 PM BST) -- A London judge ordered the British arm of a Chinese shipping firm and a haulage company to pay nearly £7.7 million ($10 million) to a pension trustee company that sued the two pension plan employer participants to recover an outstanding debt.

In his succinct summary judgment decision Monday, High Court Judge Timothy Fancourt ordered China Shipping (UK) Agency Co. Ltd. and Multimodal Logistics Ltd. to pay £6,636,157 and £1,057,448, respectively, sums that include interest on the debt.

The interest will continue to tally until payment, said the judge, who also ordered the defendant companies to pay £72,500 in legal costs to...

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