AusNet Services settles bushfire class action for $5M

Company News

by David Chau

The parties to the Mickleham Road bushfire class action have agreed to settle this case outside of court.

This bushfire allegedly started when a tree branch fell onto certain powerlines at Mickleham Road in Victoria back in February 2014. The resulting blaze spread across 23,000 hectares of land, destroying 20 homes and killing over 14,000 sheep and hundreds of cattle.

The total settlement sum is $16 million, which has not yet been approved the Supreme Court of Victoria. Out of that total, AusNet Services (ASX:AST) and Homewood Consulting will both pay $5 million each, while Hume City Council will pay $6 million.

AusNet denies it was negligent, and its decision to settle was made is without admission of liability.

AusNet posted a net profit of $178.6 million at 30 September 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.