Air New Zealand says it may yet face costs in relation to class actions brought against it and many other airlines, in relation to pricing in the air cargo business.
Qantas has already paid $88 million to settle claims by overseas regulators.
An Air New Zealand director, Roger France told shareholders at the annual meeting that regulators around the world are undertaking the biggest investigation in history, into the air cargo business.
He confirmed the airline has been named in a class action and investigations are underway, but no amounts have been specified.
Though the company has been through all its records and believes it has no exposure, Mr France said it is impossible to know absolutely that there was no exposure.
Meanwhile, Air New Zealand says it's facing turbulence as the global credit crisis crimps travel budgets. It will continue to reduce capacity or exit routes that are under-performing.
The airline has reduced its planned long-haul capacity by 6% for the current financial year, compared to 2008.