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Name | Symbol | Market | Type |
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Cathay Pacific Airways Ltd (PK) | USOTC:CPCAY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.015 | 0.28% | 5.30 | 5.26 | 5.41 | 5.30 | 5.25 | 5.25 | 1,769 | 21:00:01 |
By Tom Fairless
BRUSSELS--The European Union's second-highest court has overturned a decision to impose EUR790 million ($864 million) of fines on more than a dozen airlines including Air France KLM and British Airways for operating an airfreight cartel.
The Luxembourg-based General Court of the EU said the European Commission's 2010 decision was contradictory because it accused all the carriers of operating a single cartel, but only highlighted actual legal infringements by some carriers on some routes.
The court's decision can be appealed at the European Court of Justice, the EU's highest court, on "points of law only," the General Court said in a statement.
If the ruling is confirmed, or goes uncontested, Air France KLM and British Airways could each avoid more than EUR100 million of antitrust fines.
The other airlines allegedly involved in the cartel are Air Canada, Société Air France, Koninklijke Luchtvaart Maatschappij, Cargolux Airlines International, Cathay Pacific Airways, Japan Airlines Corp., Latam Airlines Group, Deutsche Lufthansa, Martinair Holland, Qantas Airways, SAS and Singapore Airlines.
Write to Tom Fairless at tom.fairless@wsj.com
(END) Dow Jones Newswires
December 16, 2015 10:37 ET (15:37 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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