JUDGE GIVES INITIAL OK TO $1B DEAL IN FLA. COLLAPSE

A Florida judge on Saturday gave initial approval to a settlement of more than $1 billion to families who lost loved ones in the collapse last year of a Florida beachfront condominium building in which 98 people died.

The quick settlement of the unprecedented collapse of the 12-story Champlain Towers South building in the early morning hours of June 24, 2021, means that potentially years of court battles will be avoided.

Miami-dade Circuit Judge Michael Hanzman, who is overseeing the lawsuits filed after the collapse, said during a hearing held remotely it was the best possible outcome given the loss of life and property in the disaster.

“It is a great result,” Hanzman said before giving preliminary approval to the agreement, which was announced Friday. “This was a very contested deal.”

Rachel Furst, co-chair of the attorney group representing victim families, said the agreement also means defendants — insurance companies, developers, the city of Surfside and others — will have “complete peace” that they won’t be sued again. Still, some people may decide to opt out of the deal and pursue their own independent claims.

“This was heavily negotiated,” Furst said. “We believe this is an outstanding settlement.”

Under the agreement, people involved in the settlement directly will have until June 16 to file a notice they intend to opt out. A week later on June 23, Hanzman will have a fairness hearing to allow anyone objecting to the settlement to be heard.

The total for the families who lost loved ones in the collapse is about $1.02 billion. Separately, people whose condos were destroyed and lost property such as furnishings and mementos will share about $96 million.

Families of victims will have to file claims, as the money will not be split evenly. The goal is to begin distributing money by September.