Swift Transportation Company, Inc. ("Swift") SWFT announces it has
settled the driving academy class action litigation related to the issuance of
commercial driver licenses (CDLs) in Tennessee. All amounts related to this
settlement were fully reserved in prior periods in accordance with generally
accepted accounting principles, and thus there will be no additional charges
in the fourth quarter of 2012 or future periods. The settlement is not an
admission of liability and provides expressly that Swift denies the
allegations of the lawsuits and denies that it engaged in any wrongdoing or
improper conduct.
Swift also announces that it has settled its cross claim against the Tennessee
Department of Safety ("TDOS") that was part of the driving academy class
action litigation. This settlement includes a formal retraction by TDOS of
its public statements relating to the third party CDL testing of drivers and
payment by TDOS for a portion of the costs that Swift incurred in the
litigation.
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