An Ontario judge has approved a $500-million settlement in a class-action lawsuit accusing Loblaw Cos. Ltd. and George Weston Ltd. of participating in a widespread bread price-fixing scheme dating back to 2001.

Justice Ed Morgan called the settlement “excellent” and “in the best interest of class members.” The agreement includes $404 million in direct payments from the companies and another $96 million tied to Loblaw’s 2017 gift card program, which was issued after the company admitted to its role in the scandal.

After legal and administrative costs, 78% of the remaining funds will go to eligible claimants outside Quebec, with 22% allocated to residents within the province. The settlement applies to individuals who purchased packaged bread for personal use or resale between January 2001 and December 2021.