Air France-KLM and sister cargo airline Martinair are being sued by a host of European companies with the main claimants being Ericsson and Phillips. The lawsuit is based on price fixing which the companies claim Air France and Martinair were guilty of during the period 2000-2007. They claim they were overcharged 10% due to the illegal price fixing.
Air France has already paid a fine of $350 million after a US lawsuit found them guilty of the same accusation in 2008. They also agreed to an $87 million settlement of its civil liabilities.
CFI is representing the cheated companies and paying their legal costs, plus only charging a commission if their claim is successful. There main argument being, that it would be unfair to pay out to the US firms who were ripped off and not pay out the European firms.
A host of companies are involved such as pharmaceutical, automotive, electronics, food and fashion industries. If the claim is successful Air France-KLM could be looking at a payout of £430 million.
Thursday 30 September 2010
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