FedEx (FDX, $ 217.42), the pioneers of the package tracking system and one of the largest delivery service providers across the globe, is set to lose $35.4 million as it reaches a settlement in the New York cigarette case.
Alleged to have shipped some 80 million un-taxed cigarettes in New York city from 2006 to 2012, FedEx finally settled the case that was filed in 2014 after reaching an agreement in principle to settle with New York City and New York state by paying a sum of $35.4 million.
The settlement doesn’t include any admission of liability by the FedEx Ground business, and is a drop in the bucket for a company that rakes in $65 billion in annual revenues.