"He's decided to bring the civil matter to a close and draw a line under it," Modi's lawyer Rajesh Vyakarnam said.
Modi had lost to Cairns in a 2012 court battle after the flamboyant administrator was sued by the Kiwi player for claiming that he was involved in match-fixing in the now- defunct Indian Cricket League.
Cairns was later accused of lying under oath in this trial but was cleared of the charge in a perjury case in the UK last year. Modi had in 2010 tweeted that Cairns had been left out from the Indian Premier League (IPL) auction due to his 'past record of match-fixing'.
"Reputationally, I'm completely scorched, burnt completely, but it hasn't stopped me and it won't stop me. I'll keep going forward," Cairns had said after being cleared last year.

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