El Al Israel Airlines Ltd. pays $20 million settlement in cargo services price fixing lawsuit.

Washington, DC: (May-26-08) The US Department of Justice Antitrust Division brought a lawsuit against El Al Israel Airlines Ltd., alleging that the company engaged in price fixing on cargo services in 2000-2006. El Al was one of the several airlines that were investigated by the Department of Justice. Records show that British Airways plc and Korean Airlines both paid a $300 million fine to resolve similar allegations with the department. In an announcement made by the company, El Al officials stated that El Al Israel Airlines Ltd. will make a $20 million provision in its financial report for a possible settlement with the US Department of Justice Antitrust Division. Sources say that El Al's decision to make the $20 million provision apparently reflects an assessment that this will be the fine reached in a settlement. The airline's spokespersons stated that the settlement was a precautionary measure and not an admission of liability.

El Al Israel Airlines Ltd. in the News

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Published on May-29-08