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Qantas settles freight collusion action for US$26.5 mln
Qantas reaches US$26.5 mln settlement over US air freight collusion
by Paul McBeth
Jan. 14 (BusinessDesk) – Qantas Airways Ltd., Australia’s national carrier, has agreed to pay US$26.5 million to settle a class action for its role in colluding on air freight forwarding prices into America.
The airline faced a class suit from U.S. purchasers over its role in alleged price-fixing between 2000 and 2006, and, subject to court approval, reached an agreed settlement based on its American revenue.
It’s the eighth airline to settle over the suit, and as part of the agreement, will cooperate with the class action plaintiffs.
In November 2007, the airline pleaded guilty for its role in the cartel, paying a fine of US$61 million, and said it’s also resolved its liability with anti-trust regulators in Australia, Canada, Korea and Europe.
New Zealand carrier Air New Zealand Ltd. has refused to acknowledge any guilt in any jurisdiction, escaping a fine by European anti-trust regulators in November.
Air NZ is still waiting for its day in court in the U.S., and objected to a further five month delay proposed by American prosecutors in October.
Qantas’ shares fell 0.8% to A$2.50 in trading on the ASX today, while Air NZ’s stock dropped 2% to $1.50 on the NZX.
(BusinessDesk) 17:06:37
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