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Air Cargo Price Fixing
Air Cargo Price Fixing
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.
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European antitrust commission investigating El Al for price fixing
Jan 1, 2007 | www.port2port.com
El Al reported last week to the Tel Aviv Stock Exchange that the European Competition Commission had requested that El Al provide information regarding an antitrust investigation in the field of air cargo. In a statement issued by the company it was noted that the investigation was being conducted into a long list of airlines as part of a global investigation which started in the US and Europe several months ago. The investigation, announced publicly in February, relates to the...
Korean Air Confirms Price Fixing Probe
Feb 17, 2006 | AP
Korean Air Co., the world's largest international cargo airline, confirmed Friday it was inspected amid a probe into alleged collusion to fix prices in the air cargo industry. Korea Fair Trade Commission officials visited the company on Tuesday, said airline spokeswoman Nancy Park. She said Korean Air was cooperating, but had no details on what the regulators were seeking. "We're cooperating with them and making sure they get what they need," Park said. The investigators visited...
Three Airlines Confirm Price Fixing Probe
Feb 16, 2006 | AP
Three more Asian airlines confirmed Thursday they were being probed amid an investigation by U.S., European and Asian regulators into alleged collusion in the air cargo industry to fix prices on surcharges for fuel, security and insurance. South Korea's Asiana Airlines Inc., Japan's Nippon Cargo Airlines Co. and Singapore Airlines Ltd. all said they had either been visited or contacted by regulators or court officials this week. Since Tuesday, more than a dozen airlines, including Japan...
Probe over alleged air cargo price-fixing widens
Feb 15, 2006 | AP
More than a dozen airlines around the world had their offices searched or were otherwise contacted by U.S. and EU investigators probing the possibility of illegal price fixing in the air cargo business. Officials with the European Commission and U.S. Department of Justice have provided few details about the probe and the searches that were carried out on Tuesday. However, one of the airlines targeted, SAS AB’s SAS Cargo in Copenhagen, Denmark, said the EU has alleged that cooperation...
Cathay Pacific, JAL come under EU-US cargo cartel probe
Feb 15, 2006 | AFP
Asian airlines have been raided as part of a a global probe into suspected price-fixing in the air cargo industry, officials at the carriers say. Hong Kong airline Cathay Pacific and Japanese flag carrier Japan Air Lines (JAL) were both drawn into the probe, which was launched by European and American investigators Tuesday. Cathay Pacific said Wednesday it was among "a number of international airlines" caught up in the joint EU and US investigation. In a statement, the company...
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Quick Facts
Air Cargo Price Fixing Reference Guide
Price Fixed Items
Fuel
Security
Insurance
Price Fixing Penalties
Long prison terms
Fines
Lufthansa
Air France
Scandinavian Airlines (SAS)
British Airways
American Airlines
Asian Airlines Involved
Japan Airlines
Asiana Air
Lan Chile
Polar Air
Cathay Pacific
Atlas Air
Cargolux Related Topics
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