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Thursday, November 21, 2013

Consumer plaintiffs oppose AMR-USAir antitrust settlement, (NYSE: LCC)

A group of consumers who have sued American Airlines' bankrupt parent over its proposed merger with US Airways Group are now objecting to a settlement that would allow that merger to go forward. California resident Carolyn Fjord, leading a proposed class of plaintiffs in an antitrust lawsuit against the two airlines, filed court papers on Thursday in U.S. Bankruptcy Court in Manhattan, arguing that consumers would be hurt by the tie-up, which would create the world's largest airline.It was the only objection filed ahead of a midday deadline to oppose the settlement, which was reached earlier this month in a separate dispute between the airlines and the U.S. Department of Justice.The DOJ had blocked the deal, which was to serve as the basis for American parent AMR Corp's exit from bankruptcy. The sides settled after the airlines agreed to give low-cost competitors more access to several key U.S. airports, including in New York and Washington.The settlement still needs bankruptcy court approval before the merger can close and AMR can exit bankruptcy. A court hearing is scheduled for Monday.

US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC fell by 0.29% or $-0.07/share to $23.99. In the past year, the shares have traded as low as $11.97 and as high as $25.49. On average, 6758380 shares of LCC exchange hands on a given day and today's volume is recorded at 9917781.