World Fuel Services 2011 Annual Report Download - page 40

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Item 3. Legal Proceedings
Brendan Airways Litigation
One of our subsidiaries, World Fuel Services, Inc. (‘‘WFSI’’) was involved in a dispute with Brendan
Airways, LLC (‘‘Brendan’’), an aviation fuel customer, with respect to certain amounts Brendan claimed
to have been overcharged in connection with fuel sale transactions from 2003 to 2006. In August 2007,
WFSI filed an action in the state circuit court in and for Miami-Dade County, Florida seeking declaratory
relief with respect to the matters disputed by Brendan. In October 2007, Brendan filed a counterclaim
against WFSI. In February 2008, the court dismissed WFSI’s declaratory action. Brendan’s counterclaim
remained pending as a separate lawsuit against WFSI, and Brendan sought $4.5 million in damages, plus
interest and attorney’s fees. In December 2011, the matter was settled through a confidential
settlement agreement. The settlement did not have a material impact on our financial condition, results
of operations or cash flows.
Other Matters
We are involved in litigation and administrative proceedings primarily arising in the normal course of our
business. In the opinion of management, our liability, if any, under any other pending litigation or
administrative proceedings, even if determined adversely, would not materially affect our financial
condition, results of operations or cash flows. As of December 31, 2011, we had recorded certain
reserves which were not significant.
Item 4. Mine Safety Disclosures
Not applicable.
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