SAS Cargo to pay US$13.3 million to settle US class action suit

SAS CARGO, along with other air cargo carriers, has been named as a defendant in a number of class-action lawsuits in the US which were brought in spring 2006 when the US Department of Justice and the European Commission each announced investigations into possible price fixing in the air cargo industry, reported the Wall Street Journal.

SAS Cargo, a unit of Stockholm-based Scandinavian Airlines, has now agreed to settle class-action lawsuits in the US, subject to court approval. The settlement means that SAS Cargo will pay SEK105 million (US$13.93 million) in exchange for a release from all damage claims connected with air cargo shipping services by SAS Cargo to, from and within the US between 2000 and 2006.

The settlement agreement in the US will have an adverse effect on the SAS Group's liquidity and earnings, amounting to SEK105 million during the third quarter of 2010, reported Finchannel of Tbilisi, Georgia.

Further background information was previously published in the SAS Group's quarterly reports, most recently for the second quarter of 2010.
(Source:www.schednet.com)