What criteria are used to determine whether to approve a settlement?

The following criteria from Dabbs v. Sunlife Assurance, [1998] O.J. No. 1598 (S.C.J.) at para. 13 have been found to be useful in determining whether to approve a settlement: (i) likelihood of recovery or success; (ii) amount and nature of discovery evidence; (iii) settlement terms and conditions; (iv) recommendation and experience of counsel; (v) future expense and likely duration of litigation; (vi) recommendation of neutral parties, if any; (vii) number of objectors and nature of objections; and (viii) the presence of good faith and the absence of collusion.