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Ryder System (R) Financial Issues $45M Settlement

S.D. Florida
Court
1:20-cv-22109
Case number
23 Jul 2015
Class period Start
13 Feb 2020
Class 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.

Alleged Offence
Mismanagement
Misleading Statements
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Filing date
05 October 2020
Plaintiffs
State of Alaska, Alaska Permanent Fund
Attorneys
Bernstein Litowitz Berger & Grossmann LLP
Defendants
Robert E. Sanchez; Art A. Garcia; Dennis C. Cooke
Judge
Kathleen M. Williams
Administrator
JND Legal Administration
Settlement agreement date
2023-05-19
Class wide damages
$1,072,000,000
Trades matching type
FIFO
+$45,000,000
Total Settlement Amount
Created by Polina Foster, Scout

Ryder System Inc

Ryder System, Inc. operates as a logistics and transportation company worldwide. It operates through three segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Tr...

    Ticker
    R.US
    ISIN
    US7835491082
    CIK
    85961
    Sector
    Industrials
    Industry
    Rental & Leasing Services
    Country
    USA
    Address
    11690 NW 105th Street, Miami, FL, United States, 33178