News: QAN Qantas Says Reached Agreement With ACCC In Relation To Flight Cancellation Case

May 6 (Reuters) - Qantas Airways Ltd (QAN) :

• QANTAS REACHES AGREEMENT WITH ACCC-QAN.AX
• REACHES AGREEMENT WITH ACCC
• AN AGREEMENT WITH ACCC TO RESOLVE COURT PROCEEDINGS IN RELATION TO FLIGHT CANCELLATION PROCESSES
• UNDER SETTLEMENT AGREED WITH ACCC, QANTAS WILL COMMENCE PROJECTED A$20 MILLION REMEDIATION PROGRAM FOR IMPACTED PASSENGERS
• ACCC AND QANTAS WILL SHORTLY SEEK APPROVAL OF PROPOSED PENALTY BY FEDERAL COURT
• UNDER SETTLEMENT AGREED WITH ACCC, CO WILL PAY A$100 MILLION CIVIL PENALTY, SUBJECT TO APPROVAL OF FEDERAL COURT OF AUSTRALIA
• INTENDS TO COMMENCE REMEDIATION PROGRAM IN ADVANCE OF COURT APPROVAL PROCESS
• ACCC IS NO LONGER PROCEEDING WITH ITS CLAIMS AGAINST QANTAS ABOUT WRONGFUL ACCEPTANCE OF PAYMENT
• IMPACT OF REMEDIATION PROGRAM, PENALTY TO BE RECOGNISED AS EXPENSE IN CO'S STATUTORY INCOME STATEMENT FOR YEAR ENDED 30 JUNE 2024

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