Four airlines have agreed to pay more than US$150 million in compensation to settle a US class-action lawsuit over their roles in an international price-fixing cartel.
British Airways will pay $89.5 million, while three South American carriers, Chilean Lan Airlines, Lan Cargo and Brazilian carrier Aerolinhas Brasileiras (ABSA) have agreed a $66 million settlement between them.
A group of more than 20 Asian, European and South American airlines is accused of agreeing prices for fuel surcharges on US shipments between 2000 and 2006.
The latest settlements are subject to approval by a New York judge.
Michael Hausfeld, Chairman of plaintiffs’ law firm Hausfeld, said: “These two important settlements, returning over $150 million to claimants, represent yet another excellent result for the US class, which is fast approaching half a billion dollars in recoveries from settling defendants.
“BA and Lan/ABSA have taken an important step toward paying damages for their admitted price-fixing conduct. We will continue our efforts to pursue recoveries for the huge number of victims of this cartel.
“It is long overdue that the companies found to have engaged in price-fixing make restitution to all of their victims, everywhere in the world.”
In the US, 21 airlines and 21 executives have been charged in the investigation by the Department of Justice. Fines totalling more than $1.8 billion have been handed out and four executives have been sentenced to serve prison terms.
So far, 13 of the airlines involved, including Air France-KLM which has paid out $87 million, have reached compensation agreements with shippers for a total of $367.9 million.
British Airways admitted its role in the cartel four years ago and was fined $300 million by the US Department of Justice.
Source IFW
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