Michael O'Leary's Ryanair sues world's second largest company

Discussion in 'Other Airlines | Europe' started by sobore, Mar 4, 2012.  |  Print Topic

  1. sobore
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    sobore Gold Member

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    Ryanair, Europe's largest airline is going toe to toe with the world's second largest company Exxon Mobil, having launched a €9m plus lawsuit against the oil giant alleging it was overcharged for jet fuel.

    Ryanair is seeking €9m in compensation from the oil firm, alleging ExxonMobil ramped up prices over a seven- year period, according to legal filings in London's High Court. Ryanair is seeking up to 2 per cent of its pre-tax profits.

    The case followed an Italian Competition Authority ruling that Exxon and other jet fuel suppliers in Italy had breached Euro competition rules, effectively causing fuel prices to be higher than they should have been. In 2006, Italian authorities fined six oil companies -- including offshoots of Exxon and shell -- over €315m for operating a cartel and keeping prices high by preventing new entrants from setting up in the market.


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