Black Saturday settlement hearing finishes

Almost 6000 Black Saturday bushfire victims will soon learn if a record class action settlement will be approved by the Victorian Supreme Court.

The victims will share in $494.7 million, the largest settlement for a class action in Australia, if Justice Robert Osborn consents to the payout.

Submissions have finished in the approval hearing of the East Kilmore-Kinglake fire lawsuit, which received four objections, although one was abandoned before the hearing.

If Justice Osborn approves the payout, it will be paid by SP AusNet, Utility Services Victoria Ltd and the Victorian government.

Justice Osborn reserved his decision on Tuesday but said he would endeavour to hand it down "relatively expeditiously".