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Canada settles the Indigenous Residential Schools lawsuit for $2.09 billion.

Canada has agreed to pay C$2.8 billion ($2.09 billion) to resolve a class-action lawsuit that sought damages for the loss of language and culture brought on by Indian residential schools.

The agreement builds upon the 2021 Gottfriedson Day Scholars Settlement, which offered financial aid to day students who attended residential schools but did not live there.

As part of the class settlement, Canada will give the settlement sum to an independent non-profit trust.

The government said in a statement that a permanent board made up of nine indigenous directors will oversee the institution tasked with managing the trust.

The Federal Court has not yet given its approval to the settlement’s terms.

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