Tentative $83M settlement reached in Surfside condo collapse

WHAT YOU NEED TO KNOW:

• A lawsuit filed by the families of victims and survivors of the Champlain Towers South collapse has led to a tentative $83 million settlement.
• The building in Surfside, Florida collapsed on June 24, 2021, killing 98 people.
• Victims will receive $50 million out of the first $100 million that is recovered from groups responsible for the building once the agreement is official.

A class-action lawsuit filed on behalf of victims of the Surfside condo collapse last year has led to a tentative $83 million settlement.

The lawsuit, brought by families of victims of the Surfsidebuilding collapse, was filed against companies that developed and maintained the Champlain Towers South building, ABC News first reported.

The engineers and inspectors of the building were also named as defendants.

In the early morning hours of June 24, 55 of the building’s 136 units collapsed. The tragic incident killed 98 people. Court documents reportedly descrobed the incident a “catastrophic failure.”

The remaining structure was later demolished, and an auction of the property is set for late April, the Associated Press reported.

ABC reported that the settlement will establish an $83 million Common Fund paid out to unit owners. Payments will be proportionally based on their ownership share, as compensation for the belongings and units.

Unit owners will be relieved from liability for injury and wrongful death claims in exchange.

Victims will receive $50 million out of the first $100 million that is recovered from groups responsible for the building once the agreement is official. The other $33 million will be paid out of the money that’s recovered after that $100 million. All other funds recovered will “inure solely for the benefit of the wrongful death claimants,” the court filing reported read.

Defendants, including Morabito Consultants and Becker & Poliakoff, have continued to deny responsibility, but have praised the settlement.

Morabito said in a statement that it firmly believes “that the families who have suffered from this tragedy deserve compensation so that they may focus on healing,” with Becker & Poliakoff sharing similar sentiments. 

“We fully recognize that the losses suffered can never be fully compensated, but it is our sincere hope that this settlement helps to bring some closure to an incredibly painful chapter for all involved,” the engineering firm said in a statement.

Source: The Hill