The band does not admit any wrongdoing as part of the settlement, which requires the approval of the more than 300 people suing, as well as the federal judge handling the case.
The blaze began when the band's tour manager, Daniel Biechele, shot off streams of pyrotechnics at the start of the concert. Sparks from the pyrotechnics ignited inexpensive packaging foam the club owners had used as soundproofing around the stage. One band member, guitarist Ty Longley, was killed in the fire.
Though the band members were never charged, Biechele pleaded guilty in 2006 to 100 counts of involuntary manslaughter and was paroled in March after serving less than half of his four-year prison sentence. Biechele is covered under the settlement, as are lead singer Jack Russell and other members of the band at the time of the fire.
The band has said it had permission for the pyrotechnics, something club owners Jeffrey and Michael Derderian have denied.
Attorneys for the band did not immediately return calls seeking comment.
No settlement money has been distributed so far. A Duke University law professor has been appointed to work out a formula to determine how much money each person should receive.
The victims and survivors sued several dozen defendants after the fire, including foam companies, the rock radio station that ran advertisements for the concert, the club owners and the local fire marshal who failed to cite the club for the foam on the walls and ceilings.
The state of Rhode Island and the town of West Warwick each agreed last month to settle for $10 million.
The case has been settled in piecemeal fashion over the past 12 months, effectively erasing the possibility of a trial that victims' relatives had hoped would offer answers about the circumstances of the fire.
"I just feel that we're never going to get the answers we need that would put some of this to rest for us," said Chris Fontaine, whose son, Mark, was killed in the fire and whose daughter, Melanie, was badly injured.
She said she thought the band "was getting off easy" and would have faced a much more costly verdict if the case had gone to trial.
Great White rose to popularity in the 1980s among other so-called "hair bands," boasting a blues-inflected hard rock sound and scoring a Grammy nomination.
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