Jan. 8, 2016—Atlas Air Worldwide Inc. said it had agreed to settle price-fixing allegations, the latest chapter in a decade-long legal battle that has forced air cargo carriers to pay more than $1 billion in reparations to disgruntled clients.
Purchase, NY-based Atlas will take a $100 million charge against fiscal fourth quarter earnings, though will make three installment payments by 2018 to settle the charges brought by dozens of air cargo customers ranging from General Electric Co. to the parent of Crate & Barrel.
The proposed settlement requires court approval and would be the second-largest after the $115 million paid by Korean Air Lines Co. following coordinated action by regulators in Europe, the U.S. and Asia into alleged collusion by air cargo carriers to inflate surcharges. The probes triggered multiple lawsuits from customers.
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