Melbourne, Dec 23 (IANS): A Supreme Court judge in Australia's Victoria state has approved a settlement worth A$494 million (about $401 million) for the devastating 2009 "Black Saturday" bushfire, 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 bushfire, Xinhua reported.

SP AusNet was 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 over 1,700 homes across the state.

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

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

However, SP AusNet officials 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 favour of the plaintiffs and ordered a $401-million 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 worth of legal fees.

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