OFT slashes BA's price-fixing fine
The Office of Fair Trading (OFT) has more than halved the fine it slapped on British Airways back in 2007 for colluding with its rival Virgin Atlantic on fuel surcharges.
The Office of Fair Trading (OFT) has more than halved the fine it slapped on British Airways back in 2007 for colluding with its rival Virgin Atlantic on fuel surcharges.
The OFT had originally fined British Airways, now part of IAG (International Consolidated Airline Group), £121.5m after conducting an investigation into pricing on long-haul flights during a period spanning from August 2004 to January 2007; that fine has now been reduced to £58.5m.
The OFT said the decision to go easier on British Airways reflected recent case law in calculating fines as well as the level of co-operation shown by the airline since the original fine was imposed in August 2007.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Virgin Atlantic was not fined for its part in the collusion because it had been the one to "grass" to the Office of Fair Trading.
JH
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published