Cathay Pacific to settle cargo price fixing lawsuit

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Cathay Pacific is proposing to pay $65 million to settle a class-action lawsuit related to an alleged cargo price fixing case.

In a statement to the Hong Kong Exchange, the carrier says it has entered into an agreement to pay the sum, which absolves them any admission of wrongdoing or liability. The agreement is however subject to approval by the US District Court for the Eastern District of New York..

The carrier adds that it does not acknowledge any wrongdoing or liability in the settlement agreement.

In 2008, Cathay also entered into a plea agreement with the US Department of Justice, where it agreed to plead guilty to a one-count violation related to its air cargo business and paid a fine of $60 million.