UXC settles on bushfire class action

Company News

UXC Limited (ASX:UXC) says payment has been made on a settlement reached between parties in the Kilmore East Class Action and a discontinued UXC business known as Utility Services Corporation. 
 
The settlement, around $494 million, was approved by the Victoria Supreme Court on December 23rd last year and is the biggest in Australian legal history. The class action was brought against power supplier SP AusNet and asset services manager Utility Services Group by victims of the 2009 Black Saturday bushfires which killed 119 people and destroyed over 1,000 homes. 
 
The Royal Commission into the deadly bushfires found that the Kilmore East – Kinglake Bushfire was caused by an aged and faulty SP AusNet power line. 
 
UXC says the settlement was reached without admission of liability by the parties. 
 
UXC reported a net profit of $15.7 million for the 2014 financial year. 

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