$500m for Black Saturday victims

Survivors of Victoria's Black Saturday bushfires will receive nearly $500 million in the largest class action settlement in Australian history.

Lead plaintiff Carol Matthews and an estimated 10,000 members claimed energy provider SPI Electricity's faulty equipment ignited the Kilmore East/King Lake bushfire in February 2009.

SP AusNet and other parties agreed to settle the action on Tuesday morning.

The fire killed 119 people, destroyed 1200 homes and caused an estimated $1 billion worth of damage.

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