- POSTED: 20 Dec 2013 20:35
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Singapore Airlines' cargo unit has finalised a settlement with plaintiffs in a class action case in the US.
SINGAPORE: Singapore Airlines' cargo unit has finalised a settlement with plaintiffs in a class action case in the US.
Under the terms of the settlement, Singapore Airlines Cargo said it will pay out US$62.8 million, but it will not admit to any wrongdoing or liability with regard to any of the claims made in the air cargo class action in the US.
SIA said in a statement that it will also make a corresponding financial provision of about S$78.5 million in the financial statements of Singapore Airlines Cargo Pte Ltd.
The airline said the proposed class actions were commenced in 2006 against numerous airlines, including SIA Cargo in the US, on competitive aspects of air cargo services.
The agreed settlement is subject to the approval of the US District Court.