Florida condo collapse settlement reached, tops $1 billion

By TERRY SPENCER
Associated Press

FORT LAUDERDALE, Fla. (AP) — Attorneys for the families who lost relatives or homes in last year’s collapse of a Florida condominium tower that killed 98 people have reached a $1.02 billion settlement. Friday’s agreement provides a speedy resolution to lawsuits that could have dragged on for years.

The settlement covering the Champlain Towers South tragedy still needs to be approved by Circuit Judge Michael Hanzman, but that should just be a formality.

The $1.02 billion settlement fund would be split by the families who lost relatives and other people harmed in the collapse of the 12-story tower in Surfside.

Additionally, almost $100 million will go to people who lost their properties in the collapse.