Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Air NZ says claims withdrawn as other airlines settle in Oz

Air New Zealand says claims withdrawn as other airlines settle over cargo cartel, seeks costs

April 17 (BusinessDesk) – Air New Zealand says claims against it as part of a class action lawsuit in Australia over alleged price fixing on freight have been withdrawn and the airline won’t be contributing to an A$38 million settlement by other airlines.

The suit, which began in 2007 against Air NZ, Qantas, Singapore Airlines, Cathay Pacific, British Airways and Lufthansa Cargo related to alleged price fixing on international freight services starting in 2000.

Customers of the air freight services had sought damages of A$200 million for losses suffered as a result of the airlines’ alleged behaviour including in setting fuel and security surcharges for cargo crossing Australia’s borders.

“Air New Zealand is not contributing to a settlement and has a claim for recovery of its legal costs to be determined by the Federal Court on 6 June,” the Auckland-based airline said in a statement. Terms of the settlement with other airlines requires sign off by the court.

Claims against Air New Zealand “are to be discontinued,” it said.

The settlement includes deduction of almost A$20 million claimed in costs and expenses by the lawyers who took the class action, Air New Zealand said.

Air New Zealand shares last traded at $2.075.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Rocket Lab: Launch Expected

Rocket Lab has delayed the roll out of the launch vehicle called Electron by one day, due to weather conditions. The planned launch attempt will now take place on Tuesday, May 23, 2017. More>>

ALSO:

Budget: Irrigate (Good Times, Come On!)

Additional grant funding of $26.7 million over the next three years plus a capital boost of $63 million towards irrigation investments in Budget 2017 will deliver economic and environmental benefits through better use of water... More>>

ALSO:

Silver Fern Farms: Proposal To Close Fairton Sheepmeat Plant

Silver Fern Farms has advised its people of the proposal to permanently close the site, and has discussed potential transfer options to its other sites in the region as part of the consultation process...
More>>

ALSO:

MPI: Myrtle Rust Appears In Taranaki

The nursery in Waitara (just north of New Plymouth) reported suspected myrtle rust symptoms on young plants to the Ministry’s 0800 number yesterday (Tuesday). More>>

ALSO: