JUDGE APPROVES $1B DEAL IN DEADLY CONDO COLLAPSE
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.”
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 an additional $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.
The process of determining the value of claims for the 98 deaths and any injuries will conclude by Aug. 26, Hanzman said.
The money comes from 37 sources, including insurance companies, engineering firms and a luxury condominium whose recent construction next door is suspected of contributing to structural damage of Champlain Towers South. None of the parties admit any wrongdoing.