Mr Gillett said the settlement was worth about $13 million or more when the value of associated land giftings and vestings were taken into account.
"It's just a tremendous day for our people. We've been looking forward to this day for a long time but in looking forward we look backwards as well to people like Wiremu Tamihana, our leaders of the past and we look forward to the leaders of the future, our young people."
Treaty Negotiations Minister Chris Finlayson said the Ngati Koroki Kahukura Claims Settlement Bill provided for Crown acknowledgements and an apology.
"A cultural redress package has been designed around the aspirations of Ngati Koroki Kahukura to reinvigorate their relationship with cultural sites of significance within their rohe and a commercial and financial redress package designed to contribute to the economic development of Ngati Koroki Kahukura now and for future generations.
"These two settlements along with the recent settlement with Raukawa represent good progress in the Waikato.
"Enacting this legislation allows all New Zealanders to put the injustices of the past behind us and enables the people of Ngati Koroki Kahukura and Ngati Haua to build strong futures."