id: 900, Created by Polina Foster, Scout
Ryder System (R) Financial Issues $45M Settlement
How it works?
- Company agreed to settle with investors to avoid further litigation
- We prepare documents and claim payout for you
23 Jul 2015Class period Start
13 Feb 2020Class period End
- Ryder System supposedly misled about the estimated worth of its trucking fleet.
- In 2019 and 2020, disclosures showed the truck values were lower than claimed, causing big losses and $R drop.
- Ryder agreed to pay $45M to investors to resolve the claims due to this case.
Ryder was accused of overstating the expected residual value of its trucking fleet.
The truth came out in 2019 when Ryder reduced its earnings forecast due to declining truck values.
Subsequent disclosures in 2019 and 2020 revealed lower truck values, increased depreciation expenses, causing significant drop in $R.
Ryder has now decided to end these allegations and pay a $45M settlement.
05 October 2020
State of Alaska, Alaska Permanent Fund
Bernstein Litowitz Berger & Grossmann LLP
Robert E. Sanchez; Art A. Garcia; Dennis C. Cooke
Kathleen M. Williams
JND Legal Administration
Settlement agreement date
Class wide damages
Trades matching type
+$45,000,000Total Settlement Amount