A prestigious private school in Montreal has offered a formal apology and up to $5 million in compensation to former students who claim they were sexually abused by ex-teachers.

Selwyn House proposed the settlement in a document filed in Quebec Superior Court on Tuesday.

The boys' school denies any wrongdoing or liability, but stated it made the offer to help alleged victims "move past this matter."

The settlement was filed after three former students launched a class action lawsuit against their alma mater, alleging they were sexually abused at the school dating back as far as the 1960s.

Their lawsuit names three teachers — Leigh Seville, James P. Hill and John Aimers — all accused of molesting the former students. None of the allegations have been proven.

Seville committed suicide in 1991 after being confronted by school authorities about the allegations of abuse. He taught at Selwyn House in the 1970s and 1980s.

Hill's whereabouts are unknown. He was an instructor between 1961 and 1972.

Aimers, the former head of the Monarchist League of Canada, taught debating in the 1970s. He signed the settlement filed in court, and denies any wrongdoing.

The class-action lawsuit is seeking $19 million in damages for each victim.

CTV News reported that the plaintiff's lawyers have already been contacted by more than 20 former students interested in the class-action suit, who say they were abused at the school. 

A Quebec judge will rule on April 25 about whether to approve the settlement.