The class action lawsuit was brought forward by Ronald Martin, whose brother, David, claimed he was sexually abused by the priest of their rural parish in a suicide note.
It was the same abuse that Ronald Martin says he suffered from as well.
"When I found out about that suicide note and what happened -- I made a promise to him that his death would not be in vain," Martin told reporters Friday.
The lawsuit alleged sexual abuse by priest in the community going back to the 1950s. About 25 people had signed onto the class-action suit.
David Martin died in 2002 and his death led to charges to the priest, Hugh Vincent MacDonald.
MacDonald, who died in 2004, had faced rape and indecent assault charges involving 18 children between the ages of eight and 15. Three other priests implicated in the lawsuit have also died.
Despite the allegations, Ronald Martin said he is still active in the Church and did not intend to harm it.
"We in no way wanted to damage the Church, because ... I am still actively involved, so for us to be able to put this together with our lawyers, it's pretty amazing," he said.
The Bishop of Antigonish, Raymond Lahey, also issued an apology.
"I want them to know how terribly sorry we are, how wrong this abuse was, and how we are now attempting to right those wrongs," Lahey said. "Money can never compensate fully, but we are trying ... to be fair, responsible, respectful and, most of all, compassionate."
Martin expressed his thanks for the apology.
"To hear the bishop say today that the diocese accepts responsibility ... that is huge for me and my family. That's all we've wanted from the beginning."
Lawyer John McKiggan called it a historic day.
"This is an extraordinary resolution of claims against the church that is unprecedented in Canada and I think North America," he said.
The lawsuit settlement is still subject to court approval, which could happen in early September.
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SIC: CTV