NORFOLK SOUTHERN: STB Findings Still Subject to Appeal
The findings entered by the Surface Transportation Board in the complaints filed by DuPont and Sunbelt Chlor Alkai Partnership against Norfolk Southern Corporation remain subject to technical corrections, requests for reconsideration, and appeal, the Company disclosed in its Form 10-Q filing with the U.S. Securities and Exchange Commission for the quarter ended March 31, 2015.
The Company states, "Two of our customers, DuPont and Sunbelt Chlor Alkai Partnership, filed rate reasonableness complaints before the Surface Transportation Board alleging that our tariff rates for transportation of regulated movements are unreasonable. Since June 1, 2009, in the case of DuPont, and April 1, 2011, in the case of Sunbelt, we have been billing and collecting amounts based on the challenged tariff rates. In 2014, the STB resolved both rate reasonableness complaints in our favor. The STB’s findings in both cases remain subject to technical corrections, requests for reconsideration, and appeal. We believe the estimate of any reasonably possible loss will not have a material effect on our financial position, results of operations, or liquidity. With regard to rate cases, we record adjustments to revenues in the periods if and when such adjustments are probable and estimable."
No further updates were disclosed in Norfolk Southern’s Form 10-Q filing with the U.S. Securities and Exchange Commission for the quarter ended March 31, 2015.
Norfolk Southern Corporation, together with its subsidiaries, is engaged in the rail transportation of raw materials, intermediate products, and finished goods. The company is founded in 1883 and is based Norfolk, Virginia.
Lloyd’s Corporate Litigation Reporter