Judge approves $1B deal in deadly Florida condo collapse

MIAMI » A judge gave final approval Thursday to a settlement topping $1 billion for victims of the collapse of a Florida beachfront condominium building that killed 98 people, one of the deadliest building failures in U.S. history.

The decision by MiamiDade Circuit Judge Michael Hanzman came a day before the one-year anniversary of the Champlain Towers South disaster in the Miami suburb of Surfside. The judge praised the dozens of lawyers involved for averting what could have been years of litigation with no sure outcome for victims.

“It will never be enough to compensate them for the tragic loss they have suffered,” the judge said. “This settlement is the best we can do. It’s a remarkable result. It is extraordinary.”

The deal sets up a $1.02 billion fund for people who lost family members in the collapse of the 12-story building, as well as those who suffered physical or mental injuries. Attorneys said another $200 million is available from the Champlain Towers condo association itself, including insurance.

About $100 million is earmarked for legal fees — that number will be finalized in September — and $96 million set aside for owners who lost one of the 136 units in the building based on the assessed value of each one.

They range from more expensive four-bedroom units with ocean views to those of lesser value with just one bedroom.

The process of determining the value of claims for the 98 deaths and any injuries will conclude by Aug. 26, Hanzman said. Each person who filed a claim by a July 18 deadline has a right to a private hearing before a judge, but that is not required.

The issue will be figuring out how much a life or injury is worth. Compensation claims for loss of life typically involve several factors and could include, for example, the lifetime earning potential of the deceased.

“My goal is really to make it as painless as possible,” Hanzman said.