American Airlines and US Airways Settle Merger Lawsuit [VIDEO]
The Justice Department has reached a preliminary agreement to settle its fight with American Airlines and US Airways over their proposed merger, according to a court document filed on Tuesday.
Under the proposal, American and US Airways would sell 104 takeoff and landing slots at Reagan National Airport in Washington, 34 slots at La Guardia Airport in New York, and various assets at five other airports, including O’Hare Airport in Chicago, Los Angeles International Airport and Boston Logan International Airport.
The settlement still needs to be approved by Federal District Court in the District of Columbia.
Shares in US Airways were halted for pending news on Tuesday morning. They had risen 3.5 percent after Bloomberg News reported that a settlement had been reached.
The preliminary settlement forestalls a trial on the Justice Department’s lawsuit scheduled for later this month.
Leave a Comment