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- Release Date: 17/04/14 18:18
- Summary: GENERAL: AIR: Air New Zealand welcomes conclusion of Cargo Class Action
- Price Sensitive: No
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AIR
17/04/2014 16:18
GENERAL
REL: 1618 HRS Air New Zealand Limited (NS)
GENERAL: AIR: Air New Zealand welcomes conclusion of Cargo Class Action
Claims against Air New Zealand in a class action in Australia are to be
discontinued under terms of a proposed settlement of the proceedings by a
number of airlines, not including Air New Zealand.
The settlement with the other airlines and its terms requires the approval of
the Federal Court.
Proceedings claiming damages of up to AUD$200 million were commenced by class
action lawyers in 2007 against many airlines alleging anti-competitive
conduct in setting fuel surcharges and security surcharges for cargo to and
from Australia. Under the terms of the proposed settlement airlines other
than Air New Zealand will pay a total of AUD$38m. 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 class action settlement process requires notices of the claim to allow
potential claimants to object to the settlement which includes deduction of
relevant amounts including almost AUD$20m claimed as costs and expenses by
the class action lawyers if approved by the Court. Following the giving of
notices, the Federal Court will be asked to approve the settlement at a
hearing at which potential claimants have an opportunity to oppose the terms
of settlement.
Ends
End CA:00249630 For:AIR Type:GENERAL Time:2014-04-17 16:18:37
