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The Court of Arbitration for Sport said Tuesday it had ratified the settlement.
Smith had originally been demoted to fourth — and Maier upgraded — following the Feb. 17 race. An International Ski Federation (FIS) race jury had blamed Smith for causing contact with other skiers.
But nine days later, Smith and the Swiss ski federation won an appeal and she was declared the bronze medalist.
“Following a conciliation between all parties under the CAS umbrella, FIS has agreed to adjust the ranking of that particular event by placing both athletes in 3rd position,” the sports court said in a statement. “As a consequence, the IOC has agreed to follow the FIS ranking in this case and to allocate the medals accordingly.”
The dispute did not affect gold medalist Sandra Naeslund of Sweden and silver medalist Marielle Thompson of Canada.
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Read More: Smith, Maier both get bronze 10 months after Beijing Games