Icelandic container line Eimskip has dropped its legal action against the country's antitrust body due to "the unprecedented circumstances in society" caused by the coronavirus pandemic.
In a court hearing this week, the company said it would dismiss its civil suit against the Icelandic Competition Authority (ICA) filed in November.
The legal struggle dates back to a probe into the company started in 2010.
Eimskip has been trying to halt it in the courts.
"The case will be concluded in the coming days with a verdict from Reykjavik District Court where a conclusion will also be made on litigation costs," Eimskip said.
The Court of Appeal said in a January ruling that the company can base any future pleadings on all the same arguments at a later stage in the ongoing administrative proceedings.
"The company would like to reaffirm that it has not dropped any of its arguments, including on the defects of the competition authority’s investigation and the long duration of the administrative proceedings," Eimskip said.
"The company will base its pleadings on those arguments at a later stage, should the investigation continue."
In 2013, the company said its headquarters and premises occupied by its subsidiaries Eimskip Island and TVG-Zimsen were searched by the ICA.
The substance of the probe has never been revealed.
In October it succeeded in an application to have seized documents from two dawn raids returned and all copies destroyed.
In a parallel action, former Eimskip CEO Gylfi Sigfusson is also fighting in the courts to halt the investigation, claiming his human rights were breached.
