Eight Air Cargo Carriers Get Court Approval for Price-Fixing Settlement
British Airways and Chile’s LAN Cargo were among eight airlines that got final court approval for a settlement in a six-year-long class action lawsuit by shippers over the carriers’ involvement in a cartel that fixed fuel surcharges for air cargo.
Under the agreement, approved by a court in New York, British Airways will pay $89.5 million and LAN $66 million.
Air Canada, El Al, Emirates, Saudi Arabian Airlines, South African Airways and Malaysia Airlines will pay a combined $27.5 million.
This is the third settlement in the lawsuit and brings total payments so far to $485 million.
The lawsuit followed criminal investigations in the U.S., the European Union, Canada, South Korea, Australia and New Zealand into an alleged global price-fixing cartel in 2000-2006 involving more than 24 airlines.
The EU fined 11 airlines, including BA, Air France-KLM and Cargolux, $1.1 billion in 2010 for their role in the cartel.
The U.S. so far has fined more than 20 airlines more than $1.7 billion.
Cargolux Names Interim President and CEO
Cargolux named Richard Forson as interim president and CEO of the cargo airline with immediate effect.
Forson, currently senior vice president and chief financial officer, will retain his current responsibilities during the interim period, the Luxembourg-based carrier said.
The appointment follows the resignation of Frank Reimen as president and CEO to become Luxembourg’s High Commissioner for National Protection.
News by Reid
Freight forwarding, International Shipping, Shipping companies in California
In the world of mass production, poor expertise & lack of personal engagement costs businesses far more than anticipated. We all get what we pay for. With us at ETC Intl. Freight System, we do not want to be the K-Mart of the forwarding business.
We are independently owned & although part of an industry highly regulated, we help you close the gap and manage your shipments from inception to end. Our employees’ knowledge & dedication are of paramount importance in the services that we render, which bear our name. Customer satisfaction is the guiding principle for all our activities. We welcome any expression of your appreciation or criticism. Please write us.