2 Airlines Fined $300M Each for Price Fixing

A US judge has fined British Airways and Korean Air $300 million apiece for conspiring to fix prices. Both carriers had their fines reduced—British Airways could have faced a fine as high as $900 million—after pleading guilty and cooperating with the Justice Department investigation into a global price-fixing scheme.

"Any anticompetitive behavior is to be condemned at British Airways or at other companies," says BA's CEO.The airlines colluded with each other and with other unnamed companies to fix cargo rates and fuel surcharges, raising prices for shippers and for passengers. Virgin Atlantic has also been pointed to in London, but is not expecting to face a fine, as it reported the misconduct to authorities. (More British Airways stories.)