It’s a whopper.

Sneed has learned the city has entered into a massive class-action settlement with victims of city’s controversial speed and red-light camera program.

Here are the top line terms of the deal: The city has agreed to a $38.75 million settlement which will mean refunds for 1.2 million Chicagoans who got red-light tickets when the city was illegally enforcing its red-light ordinance.

The money breaks down like this: the city will pay $26.75 million in refunds, and also will write off $12 million it is owed by people who never paid their tickets, according to Law Department spokesperson Bill McCaffrey.

The settlement will be presented to the City Council Finance Committee and await full City Council approval at its next meeting.

The class-action suit was filed by attorneys Jacie Zolna and Mike Cherry of Myron M. Cherry and Associates.

It involves 1.5 million tickets.

The lawsuit alleged the city failed to give motorists proper notification of speed and red-light camera violations, thereby prematurely imposing liability as well as prematurely assessing late payment penalties.

Sneed is told before this settlement, the city was undefeated in cases challenging these programs, according to attorney Mike Cherry.

Sneed is told the city will not use any of the 1.5 million tickets involved in the suit for purposes of determining whether to boot a car or suspend driver’s licenses.