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illegal price fixing among the largest names in the air cargo U.S. and European regulators have launched an investigation into illegal price fixing among the largest names in the air cargo industry. Regulators believe that airfreight carriers may have conspired with each other to control pricing. More than a dozen airlines are believed to be […]
illegal price fixing among the largest names in the air cargo U.S. and European regulators have launched an investigation into illegal price fixing among the largest names in the air cargo industry. Regulators believe that airfreight carriers may have conspired with each other to control pricing. More than a dozen airlines are believed to be part of the investigation, including: Lufthansa, Lan Chile, Air France, British Airlines, Japan Airlines, Korean Airlines, American Airlines, SAS, Asiana Air, Polar Air, Cathay Pacific, Atlas Air, and Cargolux. The U.S. Justice Department and the European Commission are conducting the antitrust investigation.
For years businesses that have relied on airfreight transport have complained about suspicious industry pricing. Investigators are focusing on whether these companies colluded to fix prices on surcharges for fuel, security and insurance. Industry insiders believe the probes must involve the fuel surcharge formula devised by Lufthansa, which is used by many carriers around the world. This formula calls for a review of fuel prices every two weeks and adjusts surcharges accordingly.
It is against the law in most countries for companies to collude to set prices or divide territory. Price fixing activity in the United States is a criminal offense and can result in prison terms, while in the EU companies face fines that are capped at 10 per cent of annual turnover. If your business has been the victim of airfreight price fixing, contact Parker & Waichman, LLP today for a free case evaluation or call us at 1-800-YOURLAWYER (1-800-968-7529).