A PYMNTS Company

Canada: Hong Kong’s Cathay in $6m settlement

By  |  November 30, 2015

Cathay Pacific Airways yesterday said it would pay $6 million to settle an antitrust class-action case in Canada involving its cargo operations.

The settlement agreement is pending approval by the Canadian courts, the Hong Kong-based carrier said in a filing to the local exchange.

“Cathay Pacific does not admit any unlawful conduct, wrongdoing or liability in the settlement agreement,” it said.

The company added that it had made sufficient provisions in its accounts before 2015, therefore the settlement will not have any material effect on its future results.

Apart from being subjected to antitrust charges in several countries in recent years, the carrier also suffered from a HK$3.74 billion loss from oil hedging in the first half, rising from a HK$1.02 billion loss for the same period last year.

Full content: The Standard

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.