British Air fined $300 mln in US for price fixing

WASHINGTON, Aug 23 (Reuters) British Airways Plc pleaded guilty in US court on Thursday in a transatlantic price fixing conspiracy and was fined 0 million.

It was among the largest criminal penalties ever imposed in a US antitrust case and mirrored similar charges and penalties in Britain.

British Airways admitted to colluding with rivals on surcharges on passenger fares and cargo between 2002 and 2006 to help ease the impact of sharp increases in fuel prices.

US District Judge John Bates did not reveal the names of executives involved in the scheme or say whether any had been charged.

He said the penalty was below the amount called for in sentencing guidelines but was reasonable considering the company's ''full and substantial'' cooperation.

''That is all very much to British Airways' credit,'' Bates said.

British Airways assisted Justice Department investigators with documents that would not otherwise have been accessible to American authorities.

The airline was one of the first to begin cooperating in the continuing global investigation.

Without British Airways' cooperation, the fine could have ranged between 0 million and 0 million, according to Bates.

British Airways reached a separate agreement with British authorities and agreed to a 7 million fine.

Korean Air Lines Co., which also faces a 0 million fine, was scheduled to appear before Bates later in the day in the same case.

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