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Lawyers granted US$100m in fees as air cargo antirust case ends
THE last settlements in a long-running air cargo antitrust civil case have been agreed by a New York court, with Polar Air ordered to pay US$100 million in damages to customers, while Air China settled, paying $50 million.
The court also approved settlements by Air India ($12.5 million) and Air New Zealand ($35 million), reported London's Loadstar.
The lawyers working on the case were granted approval for fees totalling US$100 million, estimating that they dedicated 290,000 hours to the case, and argued that they should also receive 25 per cent of $388 million in settlement funds, plus $2.5 million in unreimbursed expenses.
They added that there was still several more years?work in handling the distribution of the settlements.
The case against the international air cargo price-fixing cartel lasted a decade and resulted in airlines paying out $1.2 billion in total. The civil litigation, against some 35 carriers, was running in parallel with the criminal case, which led to carriers paying out $1.8 billion. Korean Air paid the largest settlement of $115 million.
The court also approved settlements by Air India ($12.5 million) and Air New Zealand ($35 million), reported London's Loadstar.
The lawyers working on the case were granted approval for fees totalling US$100 million, estimating that they dedicated 290,000 hours to the case, and argued that they should also receive 25 per cent of $388 million in settlement funds, plus $2.5 million in unreimbursed expenses.
They added that there was still several more years?work in handling the distribution of the settlements.
The case against the international air cargo price-fixing cartel lasted a decade and resulted in airlines paying out $1.2 billion in total. The civil litigation, against some 35 carriers, was running in parallel with the criminal case, which led to carriers paying out $1.8 billion. Korean Air paid the largest settlement of $115 million.
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