The state has announced an agreement to resolve a longstanding issue, according to a spokesperson.

“The parties involved have reached a $125 million settlement, which will prevent extended legal battles,” the spokesperson stated.

Quinn Emanuel Urquhart & Sullivan, the law firm representing the class action, noted that the settlement marks the end of “years of intense litigation” on behalf of affected businesses.

“This is a major victory for eligible businesses,” said Damian Scattini, a partner at the firm, in a statement. “The period from July to October 2020 posed extraordinary challenges for Victorian retail businesses.”

Scattini added, “The $125 million settlement we secured acknowledges the hardships faced and aims to provide some relief to eligible businesses.”

The application for settlement approval has been postponed to a date yet to be determined.

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