Qantas plead guilty to price-fixing
Business Law
Australian airline Qantas Airways has agreed to plead guilty to fixing prices in international air cargo shipments and pay a 61-million-dollar fine, the US Justice Department said Tuesday.
Between June 2000 and February 2006, Qantas engaged in a conspiracy to eliminate competition by fixing the rates for shipments of cargo to and from the US and elsewhere, according to the charges filed Tuesday against the carrier, the Justice Department said in a statement.
"The shipment of consumer products by air transportation is critical to our global economy. Our investigation into this important industry will continue, and we will aggressively pursue those who engage in criminal conduct that harms American consumers," said Thomas Barnett, assistant attorney general in charge of the department's antitrust division.
During the time period covered by the felony charge, Qantas was the largest carrier of cargo between the United States and Australia and earned more than 600 million dollars from its cargo flights to and from the US, the department noted.
The department said that Qantas has agreed to cooperate with its ongoing investigation under the plea agreement, which is subject to court approval.
In August, British Airways and Korean Air Lines pleaded guilty to illegally fixing prices on international passenger and cargo flights and were sentenced to pay separate 300-million-dollar fines.
Related listings
-
Virgin Mobile sinks with wider 3Q loss
Business Law 11/16/2007Despite an analysts' upgrade, shares of Virgin Mobile USA Inc. fell Friday to their lowest point since the company's recent trading debut after the company said its third-quarter loss widened as operating expenses rose.The wireless service provider's...
-
Wall Street Falls After Merrill Report
Business Law 10/24/2007Stocks fell in early trading Wednesday as Wall Street grew more cautious after Merrill Lynch & Co.'s earnings revealed severe credit-related losses.The investment bank said it wrote down $7.9 billion in fixed-income instruments called collaterali...
-
Charles Schwab 3rd-Quarter Profit Soars
Business Law 10/15/2007Brokerage firm Charles Schwab Corp. said Monday its third-quarter earnings soared, mainly due to a big gain on the sale of its U.S. Trust wealth management business.Schwab reported earnings of $1.53 billion, or $1.28 per share, for the quarter ended ...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.