Marysville bushfire class action: $300 million settlement reached
The parties to the Marysville bushfire class action have reached a $300 million out of court settlement. The agreement was reached during last minute talks before the trial which had been scheduled to begin before Justice Dixon in the Supreme Court of Victoria on 6 February 2015.
In a statement to the Australian and Singapore stock exchanges, the power company, AusNet Services, said “the settlement is without admission of liability by AusNet Services or any other party.”
The no fault settlement, which is subject to Court approval, will see AusNet Services pay $260 million to the bushfire victims, while its maintenance contractor will pay $10 million. The Victorian State Government will pay $29 million under the agreement.
Young’s List barrister, Georgia Douglas, was briefed to act on behalf of the Victorian State parties in this matter.
Read more about the settlement here.