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U.S. court fines UPS $247 million over illegal cigarette shipments
Source: Reuters
BUSINESS NEWS | Thu May 25, 2017 | 11:20pm EDT
U.S. court fines UPS $247 million over illegal cigarette shipments
A federal judge ordered United Parcel Service Inc to pay nearly $247 million in damages and penalties for "illegally shipping" large volumes of untaxed cigarettes in New York state and City, a court filing showed on Thursday.
UPS said it was extremely disappointed with the court's ruling and would appeal the decision.
"The court's monetary award is excessive and far out of the bounds of constitutional limits, particularly given that the shipments at issue generated around $1 million in revenue," UPS said in an emailed statement.
The ruling by District Judge Katherine Forrest of Manhattan justified the amount saying the court was convinced "modest penalties" will not make a "sufficient corporate impact" on UPS.
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U.S. court fines UPS $247 million over illegal cigarette shipments
A federal judge ordered United Parcel Service Inc to pay nearly $247 million in damages and penalties for "illegally shipping" large volumes of untaxed cigarettes in New York state and City, a court filing showed on Thursday.
UPS said it was extremely disappointed with the court's ruling and would appeal the decision.
"The court's monetary award is excessive and far out of the bounds of constitutional limits, particularly given that the shipments at issue generated around $1 million in revenue," UPS said in an emailed statement.
The ruling by District Judge Katherine Forrest of Manhattan justified the amount saying the court was convinced "modest penalties" will not make a "sufficient corporate impact" on UPS.
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Read more: http://www.reuters.com/article/us-united-parcel-lawsuit-idUSKBN18M09O
