SAS Cargo settles class action lawsuits in the United States
SAS Cargo, along with numerous 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, after the U.S. Department of Justice and the European Commission each announced investigations into possible price fixing in the air cargo industry.
SAS Cargo has now entered into an agreement to settle these class-action lawsuits in the US, subject to court approval. The settlement means that SAS Cargo will pay a settlement amount of USD 13.93 M, along with notice costs, corresponding to a total of approximately SEK 105 M in exchange for a release from all damage claims from customers that purchased air cargo shipping services directly from 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 approximately SEK 105 M during the third quarter of 2010.
Further background information was previously published in the SAS Group’s quarterly reports, most recently for the second quarter of 2010.