Residents of Canada’s largest reserve are to receive $150 million by the end of summer to settle a historic claim that the federal government devastated the Blood Tribe’s cattle industry over a century ago.

Crown-Indigenous Relations Minister Carolyn Bennett and Chief Roy Fox held a signing ceremony in Calgary Thursday.

The claim deals with Crown mismanagement of the reserve’s cattle ranching assets from 1894 to 1923.

Both Fox and Bennett agreed it was important to correct historic wrongs on the road to reconciliation.

Most of the money will be used for capital projects, while $27 million will be distributed to residents in the southern Alberta community.

The Blood Tribe could also receive further compensation.

Last month a court ruling found that Ottawa underestimated the number of band members when the reserve was created in the 1870s.

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