N.B. reaches settlement in Princess Margaret Bridge lawsuit

The New Brunswick government says a settlement has been reached in a lawsuit over a rehabilitation project for the Princess Margaret Bridge.

The province entered into an agreement with SNC-Lavalin in 2010 for a $78.1-million rehabilitation project, including a full deck replacement and structural steel strengthening and repairs.

Under terms of the settlement, the government will pay the company $72.6 million for the work done.

Transportation and Infrastructure Bill Fraser said the decision to settle with the company is in the best interest of taxpayers.

"By pursuing this settlement, the government was able to avoid ongoing legal costs, avoid the risk associated with further legal action, and achieve a just settlement on behalf of New Brunswickers," Fraser said in a news release on Monday.

Work will be completed this summer when seismic upgrades and defect repairs are finished.

Fraser said the settlement and the cost of the remaining work are expected to be lower than the original contract price.