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June 27, 2008
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Friday
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Jamadi-us-Sani 22, 1429
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US hits Air France, KLM with price-fixing fine
WASHINGTON: A group of airlines including Air France, KLM and Cathay Pacific Airways have agreed to pay US criminal fines totaling 504 million dollars to settle charges of a conspiracy to fix air cargo rates, officials said on Thursday.
The US Justice Department said the airlines, which also included the SAS Cargo Group, had all agreed to plead guilty to the charges tied to a multiyear conspiracy.
“This price-fixing conspiracy undermines our economy and harms the American people who, due to lack of true competition in this area, end up footing the bill,” said Kevin O’Connor, an associate attorney general.—AFP
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