Wivenhoe Dam flood victims awarded 'partial' $440 million settlement

Almost 7000 victims of the Wivenhoe Dam flood disaster have been awarded a partial settlement of $440 million.

In a statement to the Australian stock market, litigator Omni Bridgeway said it had secured the settlement on behalf of approximately 6700 claimants following a "hard-fought and extremely expensive case".

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Following a landmark judgement by the NSW Supreme Court, the operators and engineers of Wivenhoe Dam were found responsible for actions that exacerbated the 2011 floods in Brisbane.

Experts found that water releases from the dam caused water levels in the riverine area of Brisbane to rise as high as 10 metres.

The settlement will be paid by the State of Queensland and Sunwater. It has been referred to as "partial" because the NSW Supreme Court deemed another entity in Seqwater to be 50 per cent liable.

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A settlement with Seqwater has not yet been reached.

Omni Bridgeway said the implied value for the whole case is $880 million.