Business life: My finance news blog

British Airways confirmed Friday that it and Virgin Atlantic have agreed in principle on a settlement of a U.S. price-fixing case.

British Airways (BAIRY) did not confirm the size of the settlement, but the Wall Street Journal has said the two airlines would pay more than $200 million to customers who flew between Aug. 11, 2004, and March 23, 2006.

The airlines were the subject of a class action suit in California that alleged they colluded in setting fuel surcharges on long-haul flights.

Passengers who bought tickets in the United States or Britain for travel on long-haul routes between Aug. 11, 2004 and March 23, 2006, will be entitled to claim one-third of the fuel surcharge levied per long-haul ticket, BA said.

The airline said that would be worth $1.50 to $20.50 per ticket bought in the United States.

The settlement is subject to court approval.

British Airways was also fined more than $500 million by U.S http://fcrwizard.com bad credit payday loans. and British authorities for its role in the fuel-surcharge price-fixing case. Virgin was not fined because it came forward to expose the alleged collusion. 

Source