A Supreme Court judge in Australia's Victoria has approved a settlement worth 494 million AU dollars (about 401 million U.S. dollars) in relation to the devastating 2009 "Black Saturday" bushfires, the largest class action settlement in Australian history.

The sizeable payout will be mainly covered by power distributor SP AusNet and will be shared by more than 5,000 Victorians affected by the bushfires.

SP AusNet were found to be at fault for the fires that tore through Kilmore East and Kinglake in 2009, claiming the lives of 119 people and destroying in excess of 1,700 homes across the state.

Following a trial that spanned for 16 months, the Supreme Court found that an aging SP AusNet power line hit a power pole cable stay, lighting the fires that spread across 125,000 hectares of land.

Victims claimed that SP AusNet should have replaced the cracked lines prior to the bushfires, suggesting they may not occurred if the lines had been repaired.

However, SP AusNet said that as the damage in the lines was not visible, they were not aware of any apparent danger.

On Tuesday, Supreme Court Justice Robert Osborn ruled in favor of the plaintiffs and ordered a 401 million U.S. dollar settlement, which will be paid by SP AusNet, the state government and assets manager Utility Services Group.

The trio will also be made to fork out 48 million U.S. dollars worth of legal fees.

"The settlement offers group members a series of material advantages by the way of finality, minimization of further stress and anxiety, advancement of payment and containment of costs," Justice Obsorn said in his summary on Tuesday. Endi

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