The London-based ska band, 7 Seconds of Love, had accused Coke of using its song Ninja and the video material which accompanies it in an advertisement for Coca-Cola Light in the South American country.
The dispute came to an end when Coke agreed to an undisclosed financial settlement, a portion of which will go to British charities.
The unsigned band was alerted to the use of its material in the advertisement, which is no longer being aired, by a fan who had viewed the band’s Ninja video online.