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UPS, FedEx subpoenaed in air-cargo probe.
FedEx Corp. and UPS have received federal subpoenas for documents as part of a Justice Department investigation into alleged price fixing in the air-cargo industry. FedEx and UPS said they are cooperating with the Justice Department and that they don't believe they are targets of the inquiry.
The price-fixing probe was disclosed in February by U.S. and European Union officials. They said they were investigating at least 12 companies, including passenger carriers, and focusing on surcharges for fuel and security expenses.
Air cargo accounted for two-thirds of FedEx revenue of $32.3 billion in the fiscal year ending May 31. The international operations of UPS …
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