AusNet settles Yarram Bushfire class action

Company News

by David Chau

Energy company, AusNet Services Ltd (ASX:AST), has agreed to settle a class action, which arose out of the 2014 Yarram Bushfire in Victoria.

The settlement sum was $10.5 million, including legal costs and interest. AusNet will pay half of that amount to the plaintiffs, while the other half will be paid by Gippsland Contracting.

This settlement was agreed on the basis that the parties make no admissions of liability.

The parties are currently waiting for the Court to approve this settlement.

AusNet reported a net profit of $489.3 million at 31 March 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.