Some 17,000 residents were told to evacuate.
The class action case contends that improper handling and storage of oxygen canisters used in commercial airplanes caused some of the explosions and made evacuations necessary.
Terms of the settlement call for EQ and two other companies to pay just over seven and a half million dollars. Residents and businesses could either accept the terms or objecting.
If they accept, businesses forced to close for two days would get up to $2,200. Homeowners would collect up to $750 for their expenses and trouble.
A hearing on the fairness of the settlement is now scheduled for October.