AugustinD
Posts: 3,698
Posts: 3,698
Posted:
From the New York Times this evening, https://www.nytimes.com/2022/05/11/us/surfside-condo-collapse-settlement-victims.html :
Families of the 98 victims will receive at least $997 million, less attorney fees.
The settlement for the victims’ families made public on Wednesday (May 11, 2022) came about after the developers of the adjacent luxury building, Eighty Seven Park, and a slew of contractors and consultants who had been sued or investigated by the victims’ lawyers signed on. The plaintiffs had argued that construction work at Eighty Seven Park damaged Champlain Towers South — an accusation that Eighty Seven Park’s developers and contractors denied.
Among the companies that agreed to settle are the engineers who had inspected and begun to conduct work to address serious structural flaws in Champlain Towers South before the collapse.
A couple of months ago, a settlement in the amount of $83 million was reached to compensate owners (or owners' estates) for their property losses.
The funds for the $83 million for the unit owners will come from Champlain Towers South’s insurers and the sale of the land where the building stood at 8777 Collins Ave. The nearly two acres of beachfront property are expected to sell soon, after an auction, for at least $120 million.
The building held 136 condo units.
Excerpts:
The differing compensation for victims’ families, who lost loved ones, and survivors, who lost condo units, led to significant friction between the groups and to raw, emotional court testimony at a hearing in March that pitted the two sides against each other.
“We know we did not cause that collapse,” Oren Cytrynbaum, a unit owner, said then. “A billion dollars, if I were on the other side, would not bring those loved ones back.”
...
As part of their earlier settlement, the condo owners were released from any liability for negligence in the building’s maintenance. Under Florida law, they could have been sued for up to the value of their units.
At first, any settlement seemed unlikely. Some victims’ families argued all the money recovered through the lawsuit should go to them, and none to the unit owners. Judge Hanzman disagreed, saying unit owners had to rebuild their lives from scratch after their steep economic losses. The part of the building that did not collapse was demolished in the days after the tragedy, with unit owners never able to return.
Judge Hanzman approved that $83 million settlement in March, with no guarantee that more money would follow for the victims’ families — and the possibility of a long, dragged-out trial that could last years, as many class-action cases do.
Families of the 98 victims will receive at least $997 million, less attorney fees.
The settlement for the victims’ families made public on Wednesday (May 11, 2022) came about after the developers of the adjacent luxury building, Eighty Seven Park, and a slew of contractors and consultants who had been sued or investigated by the victims’ lawyers signed on. The plaintiffs had argued that construction work at Eighty Seven Park damaged Champlain Towers South — an accusation that Eighty Seven Park’s developers and contractors denied.
Among the companies that agreed to settle are the engineers who had inspected and begun to conduct work to address serious structural flaws in Champlain Towers South before the collapse.
A couple of months ago, a settlement in the amount of $83 million was reached to compensate owners (or owners' estates) for their property losses.
The funds for the $83 million for the unit owners will come from Champlain Towers South’s insurers and the sale of the land where the building stood at 8777 Collins Ave. The nearly two acres of beachfront property are expected to sell soon, after an auction, for at least $120 million.
The building held 136 condo units.
Excerpts:
The differing compensation for victims’ families, who lost loved ones, and survivors, who lost condo units, led to significant friction between the groups and to raw, emotional court testimony at a hearing in March that pitted the two sides against each other.
“We know we did not cause that collapse,” Oren Cytrynbaum, a unit owner, said then. “A billion dollars, if I were on the other side, would not bring those loved ones back.”
...
As part of their earlier settlement, the condo owners were released from any liability for negligence in the building’s maintenance. Under Florida law, they could have been sued for up to the value of their units.
At first, any settlement seemed unlikely. Some victims’ families argued all the money recovered through the lawsuit should go to them, and none to the unit owners. Judge Hanzman disagreed, saying unit owners had to rebuild their lives from scratch after their steep economic losses. The part of the building that did not collapse was demolished in the days after the tragedy, with unit owners never able to return.
Judge Hanzman approved that $83 million settlement in March, with no guarantee that more money would follow for the victims’ families — and the possibility of a long, dragged-out trial that could last years, as many class-action cases do.