The Supreme Court of Victoria has approved a $300 million settlement of the final class action brought by survivors of the Black Saturday bushfires.

The action involves more than 1100 claimants affected by fires in the Marysville-Murrindindi region in February 2009.

The court approval means survivors of the Black Saturday fires, which claimed 173 lives, can make claims on a total of $794 million compensation secured by Maurice Blackburn Lawyers.

Last December the court approved a record class action settlement of $494 million for survivors of the Kilmore East-Kinglake blaze.

Maurice Blackburn Class Actions Principal Brooke Dellavedova has hailed the “very significant compensation”.

The primary case was against electricity provider AusNet Services (formerly SP AusNet) and its allegedly faulty infrastructure. Claims were also made against maintenance contractor Utility Asset Management (now Utility Services Group) and the State Government.

Lead plaintiff in the action, Katherine Rowe, says claimants have achieved “some level of accountability” for the tragedy, which represents a lesson for businesses involved in electricity supply.

“I know people wanted some sense of justice and accountability for what occurred on that day and I am confident a settlement of this size achieves that, and I hope it forces businesses into better practices so these disasters are averted in future,” Dr Rowe said.

AusNet Services says the settlement was reached without admission of liability by any of the parties.

AusNet Services’ liability insurers have paid the electricity company’s $260.9 million component of the settlement. The remainder of the settlement was shared by Utility Services Group ($10 million) and the Victorian Government ($29.1 million).