A nearly $1 billion settlement in last year's shocking collapse of a Miami Beach-area condo building was unexpectedly announced during a routine status conference in a Florida courtroom Wednesday afternoon.
Lawyers involved in the class-action lawsuit representing tenants from the oceanfront building in Surfside announced a $997 million settlement had been reached.
Upon the news, Miami-Dade Circuit Judge Michael Hanzman said he was "speechless."
"That's incredible news," the judge said.
"I'm shocked by this result -- I think it's fantastic," the judge told the courtroom. "This is a recovery that is far in excess of what I had anticipated."
Litigation stemming from the catastrophic collapse in June 2021, which killed 98 people, had been moving slowly as the first anniversary approached.
The 12-story residential building partially collapsed around 1:15 a.m. on June 24 at the Champlain Towers South condominium in the beachside town of Surfside, about 6 miles north of Miami Beach. Approximately 55 of the oceanfront complex's 136 units were destroyed, authorities said.
The victims killed ranged from young children to elderly couples, and included families, longtime Surfside residents and tourists staying in the building.
"Some of the victims can never recover from this loss and we know that," Hanzman said in court.
The settlement will cover families of those who died as well as survivors, according to lawyers on the case.