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Friday, December 6, 2013

Judge rejects consumers' bid to block American-US Airways merger, (NYSE: LCC)

A federal judge on Friday rejected a last-ditch effort by consumers and travel agents to stop American Airlines and US Airways from merging next week, a move they fear would drive prices up and service down and make planes more crowded.The combination of American's parent AMR Corp and US Airways Group Inc would create the world's largest carrier and would follow last month's resolution of antitrust objections by the U.S. Department of Justice.That settlement requires the airlines to shed some landing slots and gates at several airports, including in New York and Washington, D.C., and had won approval on Nov. 27 from U.S. Bankruptcy Judge Sean Lane, who oversees AMR's Chapter 11 case.AMR has said it hoped to complete the merger on Dec. 9.

US Airways Group, Inc. (US Airways Group) is a holding company whose primary business activity is the operation of a network air carrier through its wholly owned subsidiaries US Airways, Piedmont Airlines, Inc. Shares of LCC traded higher by 1.61% or $0.36/share to $22.71. In the past year, the shares have traded as low as $12.45 and as high as $25.49. On average, 8178480 shares of LCC exchange hands on a given day and today's volume is recorded at 25292062.