Cathay Pacific To Pay $65 Mln To Settle US Antitrust Class-Action - Quick Facts
2/12/2014 4:50 AM ET
Cathay Pacific Airways Ltd. (CPCAF.PK,CPCAY.PK) has been named as a defendant in civil complaints in a number of jurisdictions concerning air cargo operations, and one among these jurisdictions is the United States.
Cathay Pacific has inked a settlement agreement regarding the United States civil cargo antitrust class action in which it is a defendant. As part of this, Cathay Pacific would make a payment of $65 million to settle this litigation, subject to approval by the United States District Court for the Eastern District of New York. Cathay Pacific does not acknowledge any wrongdoing or liability in the Settlement Agreement and there is no admission of any wrongdoing or liability in the Settlement Agreement.
An amount enough to cover the settlement was provided in the company's accounts before 2013. As a result, the settlement is not likely to have a material effect on the company's results to be reported in the future.
1. CX admit they're wrong
that'll be the day!
2. No effect to profit share - see 1.