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Airlines fined $504m for cargo price-fixing
Independent, The (London), Jun 27, 2008
Business News IN BRIEF
*Four airlines have agreed to pay $504m in fines to settle claims they conspired to fleece consumers by driving up cargo shipping prices. Air France-KLM will pay $350m of the settlement and the rest will be paid by Cathay Pacific Airways, Martinair Holland and SAS. The FBI told the US Justice Department that the airlines set up a price-fixing scheme which raised cargo rates, fuel surcharges and security costs. Last year, British Airways and Korean Air Lines each paid a $300m criminal fine for conspiring to fix cargo rates for international air shipments and to fix passenger fuel surcharges.
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