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Started by Joe Balkis Jan 1, 2012.
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European Union fines UPS, 12 others $225 million
United Parcel Service Inc.
was among 13 logistics companies fined a total of $225 million Wednesday by European Union antitrust regulators for allegedly being part of a group of cartels that colluded to fix air freight forwarding prices.
UPS's share of the total fine was about $13 million, according to a news release from the European Commission.
The commission said the group fixed air freight forwarding prices between 2002 and 2007. UPS (NYSE: UPS) told Reuters the cartel investigation in Europe started in 2007.
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