The Office of Fair Trading has halved a fine it imposed on British Airways.

In 2007 BA admitted to colluding with Virgin to fix prices on long-haul flights. Unlike Virgin, it did not tell authories about the plan. Since then, OFT's case against several former BA executives collapsed, leading BA to question the original agreement - a record fine of $121.5m.

The OFT said the change in the amount fined also took into account the level of BA's co-operation in the investigation. They said the fine would act as a strong deterrant to price fixing in the industry.