Cathay Pacific reaches C$6m settlement over alleged air cargo cartel in Canada
07 / 12 / 2015
Cathay Pacific has reached a C$6m settlement agreement with respect to the civil cargo antitrust class action against it and other airlines in Canada.
The settlement is in connection with the alleged air cargo cartel which has cost airlines billions of dollars in settlement agreements in various jurisdictions across the world.
In a stock exchange announcement, the airline said the settlement had already been accounted for in its results.
“Cathay Pacific does not admit any unlawful conduct, wrongdoing or liability in the Settlement Agreement.
“An amount sufficient to cover the settlement was provided in the accounts of Cathay Pacific before 2015.
“Accordingly, the settlement is not expected to have a material effect on the results of Cathay Pacific to be reported in the future.
“Cathay Pacific remains committed to its long standing policy of full compliance with all applicable laws and is satisfied that it has taken the best possible corrective actions to remain consistent with this policy.”
Civil cases related to allegations of an air cargo cartel are slowly drawing to a close.
In the US, settlements breached the $1.3bn mark earlier this year when Korean Air Lines, Singapore Airlines, China Airlines, and Cathay Pacific reached agreements.
Korean Air Lines reached a $115m settlement, which tops the list as the largest deal to date, Singapore Airlines and China Airlines each came to a $90 million settlement; and Cathay Pacific Airways settled for $65m.
The four defendants that remain in the US litigation; Air China, Air India, Air New Zealand and Polar Air Cargo, are scheduled to go to trial in March 2016.