Freight Claims Settlement Act

Freight Claims Settlement Act - Amends the Interstate Commerce Act to require common carriers by railroad, specified transportation companies, motor carriers, and freight forwarders to acknowledge, in writing, receipt of a claim alleging loss or damage to property within 30 days after receipt of such a claim. Requires such carriers, within 120 days of receipt of such a claim to either: (1) pay such claim in full; (2) enter into an agreement with the claimant for settlement of such claim; (3) make a firm compromise offer in writing to the claimant; or (4) deny such claim in writing. Sets forth civil penalties on a per day basis for failure to meet such time limitations. Authorizes the Interstate Commerce Commission to prescribe such rules and regulations as may be necessary to carry out the provisions of this Act.