Polar Air settles U.S. antitrust class action lawsuit

Polar Air Cargo, along with Polar Air Cargo Worldwide and Atlas Air Worldwide Holdings, has entered into a $100 million settlement agreement in a U.S. antitrust class action lawsuit.

   Polar Air Cargo, along with Polar Air Cargo Worldwide and Atlas Air Worldwide Holdings, has entered into a $100 million settlement agreement in a U.S. antitrust class action lawsuit. 
   Specifically, Polar has agreed to make payments over three years in the amounts of $35 million due by Jan. 15, 2016 and Jan. 15, 2017, respectively, and $30 million by Jan. 15, 2018. The payments are expected to be funded from cash available on hand, the company said.
   The industry-wide litigation arose from allegations about the pricing practices of a number of air cargo carriers on routes to and from the United States from January 2000 through September 2006.
   While entering the settlement agreement, Polar Air denies any wrongdoing or liability. 
   “It is important to put this legacy matter behind us and focus our full attention on the continued execution of our strategic growth initiatives,” said William J. Flynn, president and chief executive officer of Atlas Air Worldwide, in a statement. 
   Atlas Air Worldwide expects to record an expense for the full amount of the Polar settlement in its fourth quarter 2015 results, which should total about $2.60 per diluted share on an after-tax basis, the company said. 
   The settlement agreement is subject to approval by the U.S. District Court for the Eastern District of New York.