Nearly $1 billion settlement expected in condo collapse that killed 98

A nearly $1 billion tentative settlement has been reached in a class-action lawsuit brought by families of victims and survivors of last June's condominium collapse in Surfside, Florida, an attorney said Wednesday.

Harley S. Tropin announced the $997 million settlement during a hearing before Miami-Dade Circuit Court Judge Michael Hanzman. Still pending final approval, the settlement involves insurance companies, developers of an adjacent building and other defendants.

Earlier this year, Hanzman had approved an $83 million settlement to compensate people who suffered economic losses such as condominium units and personal property. A key question from the beginning has been how to allocate money from the property’s sale, insurance proceeds and damages from lawsuits among wrongful death cases and property claims.

The 12-story Champlain Towers South condiminium collapsed abruptly in the early-morning hours of June 24, almost instantly destroying dozens of individual condo units and burying victims under tons of rubble. Rescuers spent weeks carefully digging through mountains of concrete, first to find survivors and later to recover the remains of those who died. A total of 98 people were killed.