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.