The settlement is the result of the work of a committee that was set up last year after the Christian Brothers declared bankruptcy. The committee has represented 422 victims across North America, including about 90 victims from Newfoundland and Labrador.
Geoff Budden, the lawyer representing the N.L. victims, and a member of that committee, said the total financial settlement is worth $16.5 million.
The settlement will also enable the abuse survivors to continue lawsuits against other parties who may share responsibility for decades of abuse.
Budden added that about 70 other victims of abuse from Mount Cashel, represented by other lawyers, are involved in the same lawsuit that the committee is involved with, but those victims have not yet arrived at a settlement.
Budden said he hopes his clients will receive their share of the settlement before Christmas 2013.