denotes premium content | Jul 31 2010 
News
posted 2 Mar 2010
People & places
Compensation after air freight price fixing cartel busted
Companies that purchased international air cargo or air freight services in
The preliminary estimate of the claim and potential refund is about 10% of the total amount spent on air cargo during these years – but Omni Bridgeway is offering to purchase claims from affected companies, promising to pay 70% of the amount recovered to claimants.
Between 1997 and 2000, international airlines responded to rising prices of aviation fuel by implementing a fuel surcharge on air freight costs. Despite warnings from The US Department of Transport and the airline industry’s representative body, the International Air Transport Association (IATA), from 2000 to February 2006 the surcharge was implemented by approximately 40 international carriers and was, apparently, maintained by a global conspiracy.
In February 2006, competition regulators around the world conducted dawn raids after one of the cartelists blew the whistle.
Regulatory prosecutions and private enforcement class actions are now being brought around the world. So far, airlines have paid about €1bn in fines and $100m in settlements regarding class actions.
Organisations tempted by Omni Bridgeway’s offer should see the contact details in the Omni column on page 44, or go to www.omnibridgeway.com.
