Air Transport World

Swissair. (News Briefs: Europe Report).(possible leagal action against its former leaders)(Brief Article)

Swissair post-mortem raised again the possibility of legal action against former leaders of the carrier as well as its financial auditors. Among other things, the 3,300-page analysis by Ernst & Young found that the airline had enough cash to continue flying beyond its abrupt Oct. 2, 2001, shutdown that stranded thousands. The report also states that top executives should have been aware by mid-2000 that the carrier faced a deficit of Sfr4.5 billion ($3.3 billion). It claims Swissair's 1999 and 2000 financial reports were misleading and overvalued its stakes in other airlines. …

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