$1 billion settlement approved in Surfside condo collapse

A judge on Thursday approved a $1.02 billion settlement for the victims and survivors of the Surfside, Fla., condo collapse on the eve of the one-year anniversary of the disaster that killed 98 people in the middle of the night.

The move by Miami-Dade Circuit Court Judge Michael Hanzman, who has overseen the civil proceedings stemming from the collapse of Champlain Towers South in the wee hours of June 24, 2021, puts to rest the financial and liability aspects of the tragedy.

Hanzman called it remarkable, praising the attorneys involved for shortening what could have been a decade-long litigation process.

The amount marked a “recovery that is far in excess of what I had anticipated,” Hanzman said when the settlement was reached last month.

A portion of the 12-story condo tower crumbled to the ground during a partially collapse of the building on June 24, 2021 in Surfside, Florida. (Joe Raedle/)

“It will never be enough to compensate them for the tragic loss they have suffered,” the judge said Thursday in formally approving the settlement. “This settlement is the best we can do. It’s a remarkable result. It is extraordinary.”

Most of the money will go to family members of those who died in the 1:22 a.m. collapse of the 12-story building. Legal fees will consume about $100 million, and owners who lost one of the building’s 136 units will split $96 million.

While just a portion of the building collapsed, the rest of it was deemed unstable and was demolished in July of last year as Hurricane Elsa closed in.

Hanzman ruled during a “fairness hearing” during which people can raise objections while he is determining whether the settlement is “fair, reasonable and adequate.”

Names of the victims of the Champlain Towers South condo collapse are written on a screen surrounding the vacant lot where the 12-story building once stood on June 22, 2022 in Surfside, Fla. (Joe Raedle/)

Those present at the hearing, from survivors to family members to those who lost condos, had nothing but praise for the settlement and the expediency.

“In this courtroom heroes wear black robes and business suits,” Eileen Rosenburg, whose daughter died in the collapse, said at the proceeding. “Your Honor and each member of this court, you all are angels in disguise.”

“None of us are legal experts, but everything was always explained so that we could understand it,” said condo owner Yadira Santos, who lost everything in the disaster. “The lawyers were always available, day and night.”

The settlement is funded from 37 sources including insurance companies, engineering firms, the condo association and a next-door luxury condominium whose construction may have contributed to structural damage in the affected high-rise. None of those parties admitted to any wrongdoing.

Also contributing to the settlement pot is $120 million in proceeds from the sale of the 2-acre oceanfront property to a billionaire Dubai developer.

Mediation on who gets what portion of the cash will begin on July 25, and that process of determining the value of claims for the 98 people who died, and others who were injured, should be complete by Aug. 26, Hanzman said. Those who filed claims by a July 18 deadline will have a right to a private hearing before a judge.

For the time being, the settlement approval provided much-needed closure.

“You have no idea what a relief this is to me personally,” said Raysa Rodriguez, who survived the collapse. “I am so exhausted. I just want this to be done. I want these souls to rest.”

With News Wire Services