El Al fined $15.7M by US authorities
Israeli airline, 11 others plead guilty to conspiracy to fix cargo shipments prices, violating US antitrust laws; set to pay multi million dollar fine as part of out-of-court settlement with US Justice Department
Both fine and plea were part of an agreement struck between El Al and the US Department of Justice; which still pends the approval of a federal court.
El Al filed a mandatory report with the Tel Aviv Stock Exchange detailing its agreement with the USDOJ, citing the report was delayed at the request of US authorities.
Eleven other airlines have been implicated in the case and have pled guilty to conspiracy charges: Chile's LAN Cargo, Brazil's Aerolinhas Brasileiras, British Airways, Korean Air Lines, Qantas Airways, Japan Airlines International, the Netherlands' Martinair and KLM, Hong Kong's Cathay Pacific Airways, Air France and the Scandinavian SAS Cargo Group.
The charge, which is a violation of the US' Sherman Antitrust Act, carries a maximum fine of $100 million for corporations.
Upon signing the plea and paying the fine, the Department of Justice has agreed to drop any antitrust violations' charges against El Al or any of its employees.
El Al has also agreed to lend the USDOJ its full cooperation in the investigation.
