Surfside Condo Collapse Victims Reach $997M Settlement

Families of the victims of the collapse of the Champlain Towers South condominium in Surfside, Fla., that killed 98 people last year have reached a $997 million settlement to compensate them for their staggering losses of life.

The settlement, revealed at a court hearing on Wednesday and still pending final approval, includes insurance companies, developers of an adjacent building and other defendants in the extensive civil case.

It comes six weeks before the first anniversary of the tragedy on June 24.

‘I’m shocked by this result -- I think it’s fantastic,’ said Judge Michael A. Hanzman of the Circuit Court in Miami-Dade County. ‘This is a recovery that is far in excess of what I had anticipated.’

Before Wednesday’s surprise announcement, the judge had approved a far smaller settlement of $83 million to be split among condo unit owners for their property losses. No compensation had been determined for the families of the dead, who would now receive the $997 million.