Judge approves $1 billion deal for condo collapse survivors
MIAMI — A judge gave final approval Thursday to a settlement topping $1 billion for victims of the collapse of a Florida beachfront condominium building that killed 98 people, one of the deadliest building failures in U.S. history.
The decision by Miami-Dade Circuit Judge Michael Hanzman came a day before the first anniversary of the Champlain Towers South disaster in the Miami suburb of Surfside. The judge praised the dozens of lawyers involved for averting what could have been years of litigation with no sure outcome.
“It will never be enough to compensate them for the tragic loss they have suffered,” the judge said. “This settlement is the best we can do. It’s a remarkable result. It is extraordinary.”
The bulk of the $1.02 billion total will go to people who lost family members in the collapse of the 12-story building. About $100 million is earmarked for legal fees, and $96 million set aside for owners who lost one of the 136 units in the building.
No victims filed objections to the settlement or decided to opt out, said court-appointed receiver Michael Goldberg. Several people who lost family members or property said in court Thursday that they are grateful for such a swift conclusion.
Raysa Rodriguez, who survived the collapse in a ninth-floor unit that was initially left intact, had nothing but praise for the outcome.
“You have no idea what a relief this is to me personally,” Rodriguez said. “I am so exhausted. I just want this to be done. I want these souls to rest.”
The ruling came during what’s called a fairness hearing, in which anyone with objections to the deal could raise them as the judge determined whether the settlement is “fair, reasonable and adequate,” according to court documents.
The money comes from several sources, including insurance companies, engineering firms and a luxury condominium whose recent construction next door is suspected of contributing to structural damage of Champlain Towers South. None of the parties admit any wrongdoing.
A billionaire developer from Dubai is set to purchase the 1.8-acre beachside site for $120 million, contributing to the settlement.
Champlain Towers South had a long history of maintenance problems and questions have been raised about the quality of its original construction and inspections in the early 1980s. Other possible factors include sea level rise caused by climate change and damage caused by salt water intrusion.
A final conclusion on the cause is likely years away. The National Institute of Standards and Technology, which is leading the federal probe in to the collapse, recently said invasive testing will begin soon on samples of material from the collapse site.