US regulators settle with Southwest for $7.5M

Southwest Airlines will pay a fine of $7.5 million for flying planes that had missed critical safety checks _ $2.7 million less than government regulators initially ordered.

The agreement announced Monday by the Federal Aviation Administration also gives the Dallas-based airline nearly two years to pay the fine in three installments of $2.5 million each. The first installment is due in 10 business days from the signing of the agreement.

Last year FAA ordered Southwest to pay $10.2 million, which would have been the largest fine in the agency's history. The airline protested the fine and had been in negotiations with FAA for the past year.

The …