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AMERICAN AIRLINES GROUP INC.

(AAL)
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Trial in U.S. Justice Department fight with American Airlines set for Sept 2022

11/29/2021 | 06:22pm EST
People walk past an American Airlines logo at John F. Kennedy (JFK) airport in in New York

WASHINGTON (Reuters) - The judge hearing the U.S. Justice Department's antitrust lawsuit against American Airlines Group Inc and JetBlue Airways Corp said on Monday that the trial in the matter would begin on Sept. 26, 2022.

In its lawsuit, the government asked Judge Leo Sorokin to order the airlines to end their "Northeast Alliance" partnership, saying it would lead to higher fares in busy Northeastern airports.

The agreement allows American and JetBlue to sell each other's flights in their New York-area and Boston networks and link frequent flyer programs, giving them more muscle to compete with United Airlines and Delta Air Lines in the Northeast.

American and JetBlue have denied wrongdoing and asked Sorokin to dismiss the lawsuit.

The Justice Department's lawsuit signaled the Biden administration's interest in trying to inject more competition into the airline industry, where American and three other airlines control 80% of the domestic market.

(Reporting by Diane Bartz; Editing by Leslie Adler)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. -0.89% 15.64 Delayed Quote.-12.92%
JETBLUE AIRWAYS CORPORATION 0.14% 13.9 Delayed Quote.-2.39%
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Financials (USD)
Sales 2021 29 837 M - -
Net income 2021 -2 078 M - -
Net Debt 2021 31 138 M - -
P/E ratio 2021 -4,66x
Yield 2021 -
Capitalization 10 130 M 10 130 M -
EV / Sales 2021 1,38x
EV / Sales 2022 0,97x
Nbr of Employees 123 400
Free-Float 99,0%
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Mean consensus HOLD
Number of Analysts 22
Last Close Price 15,64 $
Average target price 18,37 $
Spread / Average Target 17,4%
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Managers and Directors
William Douglas Parker Chairman & Chief Executive Officer
Robert D. Isom President
Derek J. Kerr Chief Financial & Accounting Officer, Executive VP
Maya Leibman Chief Information Officer & Executive VP
Kevin Brickner Senior Vice President-Technical Operations