Trust chairman Ian Perry said trustees had navigated "an arduous journey to reach this point in the settlement process and there was still a long way to go".
"Our tipuna have been protesting the actions of the Crown and fought for these wrongs to be addressed since the 1800s. More recently, we have been fighting for this kaupapa in the Waitangi Tribunal and through the settlement negotiations process for almost 30 years," he said.
"Where we have got to today is a testament to the determination of those who began this journey and their commitment to achieving the best possible outcome for our iwi. I pay tribute to them," he said.
The Ngati Kahungunu ki Wairarapa-Tamaki Nui a Rua Trust won Government approval in late 2012 as a settlement entity for people tracing a lineage to the two southern most Kahungunu districts -- Wairarapa and Tamaki Nui-a-Rua.
The trust comprised 10 trustees representing nine hapu who were charged with negotiating a fair and enduring settlement and to found a governance entity to receive and manage any resources negotiated under the settlement.
Mr Perry said, at the time the trust was established, that about 10,000 people identified with Kahungunu ki Wairarapa during the 2006 census, although the actual number of descendants was even greater and would be pinpointed as part of the claim's advancement.
"Now that we have reached this important milestone we hope to continue to move forward to complete the rest of the settlement negotiations so that our people can finally receive the benefit of redress that is now long overdue."
The settlement includes the $93 million package of financial and commercial redress, and land including the bed of Wairarapa Moana, or Lake Wairarapa, the establishment of the Wairarapa Moana Board, 70 per cent of Ngaumu Forest land, and a range of partnership agreements that place "Ngati Kahungunu ki Wairarapa Tamaki Nui-a-Rua at the decision-making table with the Crown". Mr Perry said: "This package in no way compensates for the full extent of suffering endured by Ngati Kahungunu ki Wairarapa Tamaki Nui-a-Rua.
"However, it creates the platform we need to set us on our feet and to build Ngati Kahungunu ki Wairarapa Tamaki Nui-a-Rua potential in a way that upholds the mana of our iwi, our papakainga, marae and hapu."