Yahoo Finance Cathay Pacific agrees to $65M pricing settlement
Hong Kong's Cathay Pacific agrees to $65 million settlement in airline price-fixing case
NEW YORK (AP) -- Hong Kong-based Cathay Pacific Airways Ltd. has agreed to a $65 million settlement in a long-running cargo price-fixing case that involves more than a dozen airlines.
A spokeswoman for Cathay Pacific said Wednesday that the airline did not acknowledge wrongdoing or liability in the settlement. The settlement requires approval of a federal district court in New York.
Shippers say in a class-action lawsuit that the several airlines fixed prices for international air cargo shipments, and they are seeking compensation for inflated charges.
One of the shippers' law firms, Kaplan Fox & Kilsheimer LLP, said that their side has reached settlements with 20 groups of defendants totaling $758 million, of which $485.5 million has won court approval.
