Nearly $1 Billion Settlement Reached in Florida Condominium Collapse

Nearly $1 Billion Settlement Reached in Florida Condominium Collapse

Earlier this year, Hanzman had approved an USD 83 million settlement to compensate people who suffered economic losses such as condominium units and personal property. A key question from the beginning has been how to allocate money from the property’s sale, insurance proceeds and damages from lawsuits among wrongful death cases and property claims.

An attorney announced Wednesday that a nearly USD 1 billion provisional settlement has been struck in a class-action lawsuit filed by relatives of deceased and survivors of last June’s condominium collapse in Surfside, Florida. During a hearing before Miami-Dade Circuit Court Judge Michael Hanzman, Harley S Tropin revealed the USD 997 million settlement. The deal, which is still seeking final approval, includes insurance companies, developers of an adjacent building, and other defendants.

The 12-story Champlain Towers South condominium collapsed abruptly in the early-morning hours of June 24, almost instantly destroying dozens of individual condo units and burying victims under tons of rubble. Rescuers spent weeks carefully digging through mountains of concrete, first to find survivors and later to recover the remains of those who died. A total of 98 people were killed. The main lawsuit, filed on behalf of Champlain Towers South victims and family members, contends that work on the adjacent Eighty Seven Park tower damaged and destabilised the Champlain Towers building, which was in dire need of major structural repair. Champlain Towers was in the midst of its 40-year structural review when it partially crumbled to the ground.

The collapse triggered lawsuits from victims, families and condo owners as well as state and federal investigations. In December, a Florida grand jury issued a lengthy list of recommendations aimed at preventing another condominium collapse, including earlier and more frequent inspections and better waterproofing.

The condominium building was located in Surfside, a town just north of Miami Beach. The little-known enclave comprises a mix of older homes and condos similar to the collapsed tower, built decades ago for the middle-class, and recently erected luxury condos drawing the wealthy. That includes former first daughter Ivanka Trump and her husband, Jared Kushner, who live about a block north of the collapsed condo.

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