SIA Cargo pays $78.5 million to settle class action suit over price fixing in United States
The cargo arm of Singapore Airlines (SIA) has agreed to settle over the issue of price fixing in the United States, without admitting to any wrongdoing or liability.
Numerous airlines, including SIA Cargo, saw class actions taken against them in 2006 following investigations by various competition authorities on price fixing in air cargo services in the US.
After consulting its legal advisors and carefully weighing its options, SIA Cargo decided to accept an amicable resolution to settle the class action with the payment of US$62.8 million.
A corresponding financial provision of about S$78.5 million will be made in the financial statements of SIA Cargo for the current financial year.