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.