Australia's Qantas Airways agreed to pay A$120 million ($79 million) to settle a regulator lawsuit over the sale of thousands of tickets on already cancelled flights, in an attempt to end a reputational crisis that has engulfed the airline.
Qantas Airways planes are parked at the domestic terminal at Sydney airport in Australia, July 1, 2017. Picture taken July 1, 2017. REUTERS/David Gray/File Photoagreed to pay A$120 million to settle a regulator lawsuit over the sale of thousands of tickets on already cancelled flights, in an attempt to end a reputational crisis that has engulfed the airline.
The settlement "means we can compensate affected customers much sooner than if the case had continued in the Federal Court", added Hudson, who started her role in September, noting the court still must sign off on the settlement. "This penalty ... will send a strong deterrence message to other companies," ACCC Chair Gina Cass-Gottlieb said in a statement.
"We see today's outcome as incremental positive, removing another post-COVID brand and valuation overhang from the stock," RBC Capital Markets analyst Owen Birrell said in a client note.
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