Delta Air Lines Inc. (NYSE:DAL) is one of the best inexpensive stocks to buy according to hedge funds. On August 27, Delta Air Lines agreed to a settlement of ~$79 million to resolve a class-action lawsuit. The lawsuit came from a January 14, 2020, incident where a Delta flight, bound for Shanghai, dumped ~15K pounds of jet fuel at a low altitude over LA neighborhoods, including schools and playgrounds.
The settlement concludes 5+ years of litigation and consolidates multiple lawsuits. The total amount will be distributed among ~38K property owners and residents. After attorneys’ fees and costs are deducted, the remaining funds are expected to result in average payouts of $889 per household and $104 per resident.
Delta has consistently denied any wrongdoing, stating that its pilots followed federal regulations and training. The airline claimed that a Federal Aviation Administration/FAA investigation had cleared the pilots. It agreed to the settlement without admitting liability to resolve the uncertainty and avoid the significant legal expenses and burdens associated with a lengthy trial.
Delta Air Lines Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through 2 segments: Airline and Refinery.
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This article is originally published at Insider Monkey.
