QUICK SETTLEMENT REACHED IN SURFSIDE’S CHAMPLAIN TOWERS SOUTH HIGH-RISE CONDOMINIUM COLLAPSEDrew Hendricks
Just days ago, a $997 million dollar settlement was proposed to the Court on behalf of the victims of the collapse of the Champlain Towers South building, which occurred on June 24, 2021. The judge expressed surprise and admiration at the speed the proposed settlement was reached.
As you may guess, a wide swath of parties will contribute to the settlement. This includes the Association’s consultants (engineering, waterproofing, concrete restoration, law firms, etc.), consultants for the adjacent luxury residential high rise (the construction of which is asserted to have contributed to destabilizing the Champlain Towers building), and the town of Surfside.
This nearly one-billion dollar figure is in addition to approximately $50 million already contributed by the Association’s insurers, and outstanding property loss claims of $83 million. The land on which the building sits is also scheduled to be auctioned this month and is expected to fetch an additional $120 million which will be added to the settlement.
The settlement remains subject to a fairness hearing before the Judge assigned to the case, who indicates a goal of approving same by June 24, 2022, the one-year anniversary of the collapse. Funds will then be paid to the families of the 98 victims who died and several survivors who suffered personal injury in the collapse.
by: Laurie Masotto, Community Legal Advisors Inc.