LAN Cargo settles lawsuit with US$66m
LAN Cargo’s board of directors has approved a settlement agreement related to the civil class action pending before the US District Court for the Eastern District of New York.
Once approved by the Courts, this settlement agreement will conclude the civil class action lawsuit against LAN Cargo and ABSA. In terms of the settlement agreement, LAN Cargo will pay the amount of US$59.7 million, and ABSA – in which LAN Cargo has an ownership stake – will pay US$6.3 million, for a total amount of US$ 66 million. The civil class action originated as result of an investigation initiated by the US Dept of Justice into a significant number of airlines.
The civil class action was initiated against 42 airlines, including LAN Cargo and ABSA.
To date, nineteen airlines have executed similar plea agreements with the DOJ, and ten airlines (Air France/KLM, Lufthansa, Cargolux, Scandinavian Airlines, Japan Airlines, All Nippon Airways, American Airlines, Qantas, Thai Airways and British Airways) have reached settlement agreements with the class action plaintiffs and agreed to pay settlement amounts totalling US$367.9 million.
Quelle: eyefortransport
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