June 26, 2008 / 2:50 PM / 11 years ago

Air France, others to pay US cargo price-fix fines

WASHINGTON, June 26 (Reuters) - The U.S. Justice Department said on Thursday that Air France-KLM (AIRF.PA) and other foreign airlines agreed to pay fines totaling $504 million to settle air cargo price-fixing charges.

Air France-KLM will pay $350 million of the total $504 million fine, the government said in a statement. Other airlines which agreed to plead guilty and pay fines in the settlement are Cathay Pacific (0293.HK), Martinair [MART.UL] and SAS (SAS.ST), the Justice Department said.

The settlement is part of a wide-ranging investigation of the air cargo industry by the department’s antitrust division.

“The airlines each engaged in a conspiracy to suppress and eliminate competition by fixing the cargo rates charged to customers for international air shipments,” the government said in a statement. (Reporting by Peter Kaplan, editing by Gerald E. McCormick)

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