Power group AusNet has reached a $300 million settlement with the victims of the 2009 Black Saturday bushfires.
The settlement, which is subject to court approval, comes ahead of a class action getting under way in the Victoria Supreme Court on Friday.
Some 40 people died and up to 5000 homes were destroyed in the Murrindindi bushfire, which was believed to have been started by a fault in an electrical conductor on a power pole.
The class action had been brought on behalf of the Marysville victims by law firm Maurice Blackburn.
The terms of the settlement include no admission of liability by AusNet or other parties to the action.
"AusNet Services maintains that there was no negligence on the part of AusNet Services which caused, or contributed to, the Murrindindi bushfire, nor any of the other Black Saturday fires," it said in a statement.
Under the $300 million settlement, which includes costs, AusNet Services will contribute $260.9 million, Victorian state parties $29.1 million and Utility Services Corporation $10 million.
The total losses suffered by those affected by the Murrindindi bushfire haven't been finalised.
"It is estimated that the contribution agreed to be made by AusNet Services through its insurers is approximately half such total losses and costs," the company said.
AusNet has been a defendant in three separate class actions arising from the Murrindindi catastrophe and Friday's agreement concludes all of those actions.
The company remains a party to two smaller bushfire class actions related to fires that occurred in February 2014.
