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Indiaexportnews.com

Saudi Arabian Airlines agrees to US$14 million price fixing settlement

  19.08.2011    

Saudi Arabian Airlines has agreed to pay US$14 million to resolve class action claims that it was involved in an air freight price-fixing cartel that caught more than two dozen carriers engaged in anti-trust violations, Reuters reports.
If the proposed settlement is approved by US District Judge John Gleeson in Brooklyn federal court, it would mean that 14 airline groups named in the class-action price fixing litigation have settled or agreed to settle, bringing the total amount of proposed settlements to $454.4 million, according to attorneys for the plaintiffs. Of that amount, the court already has approved $278.4 million.
The agreement with Saudi Arabian Airlines stems from claims filed by direct purchasers of air cargo services that accused the airlines of conspiring to increase the rates between 2000 and 2006, it said.
The report added the class action originated from a US Department of Justice investigation into a number of airlines suspected of violating antitrust rules within the air transport industry. To date, 22 airlines and 21 company executives have been charged in the criminal investigation, which has resulted in more than $1.8 billion in fines.
The civil litigation is still pending against 14 groups of airlines.



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