Britain's Office of Fair Trading said it had fined British Airways £58.5m for price fixing in relation to fuel surcharges, imposing a penalty that is less than half that agreed in August 2007.
The case against British Airways, which colluded with rival Virgin Atlantic in pricing surcharges on long-haul flights, has been a long and tortuous one for the consumer watchdog after it lost a 2010 criminal case against four BA executives.
In an original deal struck in August 2007, BA had initially agreed to pay a fine of £121.5m for anti-competitive practices that took place between 2004 and early 2006. The OFT said the reduced penalty announced on Thursday reflected recent case law in calculating fines and the level of cooperation shown by BA since 2007 in particular.
"This decision brings the OFT's investigation to a conclusion," the OFT said in a statement.
Virgin does not face a fine because it reported the case to the watchdog in the first place.
City A.M. Reporter