Florida judge gives initial approval for Surfside settlement worth more than $1 billion

A Florida judge has given initial approval for a settlement totaling more than $1 billion for the family members and victims of the deadly Surfside condo collapse.

Miami-Dade Circuit Judge Michael Hanzman during a remote hearing on Saturday said the settlement is the best possible solution for those affected by the disaster, including those who lost loved ones as well as those who lost their homes. Hanzman, who is overseeing lawsuits linked to the collapse, called it a “great outcome” before issuing his stamp of approval.

It comes almost a year after a large wing of the Champlain Towers South suddenly crumbled in Surfside, a quiet neighborhood outside Miami Beach. The tragedy launched a massive search effort, with first responders and rescue crews left combing through the remains of the oceanfront residence for nearly two weeks.

In this June 25, 2021 photo, rescue personnel work at the remains of the Champlain Towers South condo building in Surfside, Fla. (Gerald Herbert/)

Just three people were pulled from the rubble in the aftermath of the collapse, which also claimed the lives of 98 people. Authorities said about three dozen other residents were able to escape the 135-unit building, which was ultimately demolished.

The settlement is made up of two different pots, the first, worth $1.02 billion, will be divided among those who lost loved ones when the 12-story condo tower went down. Another $96 million will be shared by people whose condos were destroyed and lost property as well as furniture and other mementos.

Christopher Rosa Cruz installs a large banner at the site of the Champlain Towers South condominium building, Thursday, May 12, 2022, in Surfside, Fla. The banner lists the names of the 98 people killed when the building collapsed. (Marta Lavandier/)

While no one has admitted guilt, insurance companies, engineering companies and a luxury condominium that had recently been built next door, are all expected to contribute to fund. A billionaire developer from Dubai is set to purchase the 1.8-acre beachside site for $120 million, which will also go toward the settlement.

With News Wire Services