An out-of-court settlement of more than $23 million has been proposed to end a class-action lawsuit launched by North York residents affected by the 2008 Sunrise Propane explosion.

“The parties in the class action have reached a proposed settlement subject to the approval of the court. The defendants (including Sunrise Propane and Technical Standards and Safety Authority) will pay $23,345,000 in full and final settlement of all claims,” the notice of settlement reads.

“This settlement is a compromise of disputed claims.”

The court will be asked to approve the proposed settlement at a meeting in Toronto on Aug. 7.

Sunrise employee Parminder Saini, 25, died in the explosion, and Bob Leek, 55, a firefighter who responded to the emergency on his day off, died of a heart attack.

Sunrise Propane and its directors, Shay Ben-Moshe and Valery Belahov, were found guilty in June of nine provincial offences in relation to the early-morning blast on Aug. 10, 2008.

The explosion forced 12,500 people from their homes and caused millions in property damage in the Downsview community.

The court ruled Sunrise failed to provide safety training and a safe working environment, discharged a contaminant and contravened a number of provincial orders related to the cleanup after the blast.

For more information on the class-action lawsuit click here.

With files from The Canadian Press