The Commerce Commission and livestock agency Rural Livestock Limited have reached a settlement on claims of price fixing during the introduction of an animal tagging scheme.
The commission had started legal action against the company and also against PGG Wrightson, Elders New Zealand and five individuals.
The regulator alleged they breached the Commerce Act by agreeing to fix the prices of tagging cattle at sale yards, and to increase yard fee charges and stock and station agent charges when the National Animal Identification Tracing (NAIT) Act came into force in July last year.
The commission said a penalty hearing for Rural Livestock would be held in the Auckland High Court shortly.
Settlements with the other companies had not been reached and were still before the courts.
