Transport Lower as Railroads Hit with Class Action
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iShares Dow Jones Transportation Average (NYSE: IYT) is trading lowering in early trading on Friday. Shares of Union Pacific Corporation (NYSE: UNP) and other railroad companies are down after a court yesterday agreed to grant class action status to a lawsuit filed against 8 railroad companies. The suit alleges they colluded to fix a fuel surcharge from 2003 to 2008. JPMorgan analysts are dismissing the suit as a headline risk and nothing more, and they do not believe laws were broken.
CSX (NYSE: CSX), Norfolk Southern (NYSE: NSC) were both named in the class action suit.
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CSX (NYSE: CSX), Norfolk Southern (NYSE: NSC) were both named in the class action suit.
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