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Those who lost property in last year's condo collapse in Surfside, Florida, could receive $83 million in a tentative settlement.
The sum would be divided between those who have lost property in the collapse based on the value of each person's condominium, Miami news station WTVJ reported. The Champlain Towers South condo building, which collapsed on June 24, 2021, contained 136 units, according to the Associated Press. The tragedy has since brought on a flood of lawsuits, and attorneys involved in the negotiations hope this tentative deal will settle some of them.
The deal was reached Thursday night in a mediation session but still has to be approved by Miami-Dade Circuit Judge Michael Hanzman, and owners can still object, WTVJ added. The deal was unveiled at a Friday hearing in front of Hanzman, and a written agreement will be ready for filing in court by Thursday of next week, according to the AP.
Hanzman called the settlement "promising news" in the AP report.
"We'll see how it plays out," he said. "There's a strong possibility we're going to avoid any drawn-out legal battle."
However, wrongful death lawsuits for the families of the 98 people who died in the collapse will still move forward. According to WTVJ, those who have claimed wrongful death or personal injury will divide "whatever other funds are recovered," such as from the sale of the land, insurance money or "claims against third parties."
Judd Rosen, an attorney representing the wrongful death plaintiffs, told the AP, "We believe this resolution takes into account interests for all sides."
The deal would provide the first $50 million in a settlement fund, as this amount has already been reached via insurance policies, according to WTVJ. Once the pool reaches $100 million, the condo owners would receive the other $33 million.
Gonzalo Dorta, an attorney representing the property owners' group, told the AP the agreement also states those who accept a cut of the $83 million will not have to be subject to an assessment for condo associations to potentially cover legal costs and other similar costs.
The building collapsed shortly after a safety review required every 40 years began. People were buried in the rubble, causing weekslong search and rescue efforts and public backlash calling for increased building safety measures. Newsweek previously reported the National Institute of Standards and Technology's probe into the incident has begun, but experts warned that it is still in its early stages and could take more than two years to complete.
Update 02/11/22 6:15 p.m. ET: This story was updated to add more information.
