HOUSTON, March 3 /PRNewswire-FirstCall/ -- EGL Eagle Global Logistics
(Nasdaq: EAGL) announced that nearly $6 million has been returned to the
Company from a 2001 settlement with the U.S. Equal Employment Opportunity
Commission (EEOC). As a result of an order issued by a U.S. District judge in
2001, EGL established a fund of $8.5 million to settle potential claims. On
February 10, 2005, the Court agreed to return the funds to the Company, as
payments for claims are only expected to be $1 million.
The court agreed with EGL's proposal that $1.4 million of the $8.5 million
settlement be transferred to the Leadership Development Program (LDP)
established by the Company as part of the 2001 settlement. The LDP is
designed to provide training opportunities for women and minorities at EGL and
also includes scholarships and continuing education programs.
After three years, only 203, or fewer than 10% of the total claims
received, were determined to be eligible for a distribution from the
settlement fund, prompting EGL to request the return of the excess funds.
"We are extremely pleased to see that our dispute with the EEOC is coming
to a close," said EGL Chairman and CEO James R. Crane. "It is reassuring to
finally confirm that the overwhelming majority of allegations of
discrimination were found to be without merit. Our Company has always been
committed to diversity in the workplace and we will continue to enforce our
strict policy prohibiting discrimination of any kind."
Houston-based EGL, Inc. operates under the name EGL Eagle Global
Logistics. EGL is a leading global transportation, supply chain management
and information services company dedicated to providing superior flexibility
and fewer shipping restrictions on a price competitive basis. With 2004
revenues exceeding $2.7 billion, EGL's services include air and ocean freight
forwarding, customs brokerage, local pickup and delivery service, materials
management, warehousing, trade facilitation and procurement, and integrated
logistics and supply chain management services. The Company's shares are
traded on the NASDAQ National Market under the symbol "EAGL".
CAUTIONARY STATEMENTS
The statements in this press release (and statements in the conference
call referred to above) regarding the total monetary claim amount under the
Consent Decree, and other statements which are not historical facts, are
forward looking statements. Such statements involve risks and uncertainties
including, but not limited to factors detailed in the Company's 2003 Form
10-K, proxy statement/prospectus and other filings with the Securities and
Exchange Commission. Should one or more of these risks or uncertainties
materialize (or the consequences of such a development worsen), or should
underlying assumptions prove incorrect, actual outcomes may vary materially
from those forecasted or expected. The Company disclaims any intention or
obligation to update publicly or revise such statements, whether as a result
of new information, future events or otherwise.
SOURCE EGL, Inc.
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Related links:
http://www.eaglegl.com
CONTACT:
media, Suzy Ginsburg, +1-713-721-4774, or
suzy@gcomworks.com , for EGL, Inc.
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