MIAMI — A nearly $1 billion settlement in last year's shocking collapse of a Miami Beach-area condo building was unexpectedly announced during a routine status conference in a Florida courtroom Wednesday afternoon.
Lawyers involved in the class-action lawsuit representing tenants from the oceanfront building in Surfside announced a $997 million settlement had been reached."That's incredible news," the judge said.
The 12-story residential building partially collapsed around 1:15 a.m. on June 24 at the Champlain Towers South condominium in the beachside town of Surfside, about 6 miles north of Miami Beach. Approximately 55 of the oceanfront complex's 136 units were destroyed, authorities said. The judge said he wants the whole settlement finalized by the one-year anniversary on June 24, with payouts made by the fall. Motions for preliminary approval will be due no longer than a week from Wednesday.
"It's the largest settlement from a single incident in U.S. history," Rosen said."The number itself implies significant accountability on what happened." Owners and insurers of Eighty-Seven Park had consistently denied any responsibility for the collapse.
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