Court ruling nets 230 mln USD settlement for Australian "Black Saturday" bushfire victims

Victims of one of the worst bushfire disasters in Australian history have secured a 232- million-U.S.-dollar payout, after a court ruling on Wednesday.

Residents and those affected by the fires that devastated the Yarra Valley town of Marysville, an hour's drive from Melbourne, have been awarded the settlement, after the Victorian Supreme Court agreed to the 300 million Australian dollar amount.

Forty people died and hundreds of homes and businesses were destroyed during the Marysville area blaze, which was part of the "Black Saturday" bushfires that swept the southern state of Victoria on February 7, 2009.

A class action lawsuit was formed after it was alleged that electricity provider Ausnet was responsible for the blaze, which was sparked by a break in an electrical conductor at a nearby saw mill.

More than 1,100 people were involved in the class action; the 232 million U.S. dollar figure was agreed upon earlier in the year but was finally approved by the court on Wednesday.

Supreme Court Justice Karin Emerton said the settlement amount was reasonable, and would be expedited quickly so the victims would not be subjected to delays in payouts, giving "finality" to those involved.

She said there was no guarantee of a higher payout had the case gone to trial. Ausnet has maintained that it wasn't at fault for the deadly fires that destroyed 386 of the town's 400 buildings.

The Marysville/Murrindindi fire was one in a series of bushfires ravaged Victoria on that day in 2009, killing 173 people throughout the state. The disaster resulted in Australia's highest ever death toll from bushfires. Endi