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Freightliner to pay E250m
31st May 2007, Page 7
31st May 2007
Page 7
Page 7, 31st May 2007
— Freightliner to pay E250m
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FREIGHTLINER HAS agreed to compensate MAN for the fraud committed at ERE the British truck manufacturer which MAN took over in 2000.
Freightliner is to pay an indemnity of 1250m to MAN after it emerged that ERF's financial statements, and thus its value, had been manipulated and misrepresented. MAN had acquired ERF from Canada's Western Star,which was acquired by Freightliner shortly afterwards.
In 2002 MAN sued Freightliner as Western Star's legal successor, demanding damages of £300m.