The class-action lawsuit involving global price-fixing of fuel and other surcharges from 2000 to 2006 continues to wind down nearly a decade after the alleged transgressions occurred. This week, Polar Air Cargo, LLC, and Atlas Air Worldwide Holdings have agreed to settle with the plaintiffs for US$100 million, which is the second-largest settlement amount to date in this litigation. With this announcement, air cargo settlements now total more than $1.1 billion.
\nPolar said it will make installment payments over three years, with payments of $35 million due on or before Jan. 15 this year; $35 million due on or before Jan. 15, 2017; and $30 million on or before Jan. 15, 2018. The payments are expected to come from cash on hand.
\n\u201cWe are committed to the highest standards of ethics and governance,\u201d said William J. Flynn, president and CEO of Atlas Air Worldwide, in a prepared statement. \u201cIt is important to put this legacy matter behind us and focus our full attention on the continued execution of our strategic growth initiatives.\u201d
\nTo date, plaintiffs, which include numerous shippers and forwarders, such as Kuehne + Nagel, DB Schenker and Panalpina, have entered into settlements with 25 defendant groups, totaling $1.14 billion. To date, $848 million of these settlements have been granted final approval by the court for 22 of the defendant groups.
\nLitigation is still pending against Air China, Air China Cargo Co., Air India and Air New Zealand.
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\nSource: aircargoworld<\/p>\n","protected":false},"excerpt":{"rendered":"
The class-action lawsuit involving global price-fixing of fuel and other surcharges from 2000 to 2006 continues to wind down nearly a decade after the alleged transgressions occurred. This week, Polar Air Cargo, LLC, and Atlas Air Worldwide Holdings have agreed to settle with the plaintiffs for US$100 million, which is the second-largest settlement amount to[…]<\/a><\/p>\n","protected":false},"author":1,"featured_media":857,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[49],"class_list":["post-856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-airport-code"],"_links":{"self":[{"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/posts\/856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/comments?post=856"}],"version-history":[{"count":0,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/posts\/856\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/media\/857"}],"wp:attachment":[{"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/media?parent=856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/categories?post=856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.actlogistics.vn\/kr\/wp-json\/wp\/v2\/tags?post=856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}