New Zealand's high court has approved the New Zealand dollars (NZ$) 7.5 million ($6 million) settlement reached between Air New Zealand and the country's competition watchdog.
"The high court today approved the settlement agreement between Air New Zealand and the New Zealand Commerce Commission which resolves long standing proceedings brought by the commission against a number of airlines in 2008," the carrier said in a statement.
"The settlement avoids further protracted and costly litigation," it adds. "The proceedings alleged agreements in relation to fuel and security surcharges on air cargo."
The carrier adds that it had regulatory approval in Japan and Malaysia for the surcharges, but did not deem it necessary to seek approval in New Zealand.
"Air New Zealand did not enter a plea to allegations of an understanding in Australia between February and September 2000 whereby an Air New Zealand manager and a Qantas manager were alleged to have supported each other over surcharges being applied to cargo shipped from Australia to New Zealand," says the carrier.
"None of the understandings concerned cargo shipped from New Zealand to any other country and the surcharges did not exceed the substantially increased fuel costs being incurred at the time."
In mid-April, New Zealand's high court ruled that MASkargo, Cathay Pacific and Thai Airways would have to pay a combined NZ$9.6 million in fines for colluding on certain air cargo charges.
All three carriers admitted liability for agreeing on fuel and security surcharges at certain times between February 2000 and February 2006 for air cargo shipments from New Zealand to a number of markets.
Cathay was fined NZ$4.3 million, Thai Airways NZ$2.7 million and MASkargo NZ$2.6 million. All three carriers will also have to pay court costs to the New Zealand Commerce Commission, which brought the prosecution.
Air New Zealand says it was required to pay more than these carriers owing to its larger share of New Zealand's air cargo market.
The commission has also prosecuted other carriers including Japan Airlines, Singapore Airlines Cargo and British Airways over the same matter. In total, it has collected penalties of more than NZ$35 million.