The amount of compensation funds that will be shared between the victims and families of the tragic Champlain Towers South condominium collapse last summer has grown to over $1 billion after all but one plaintiff in a class action lawsuit has settled, increasing the pool of funds by $997 million.
On top of the settlement is a minimum of another $120 million from a guaranteed opening bid in an auction on the lot where the condos once stood. The auction is set to take place on May 24th.
Those who lost property in the collapse will split $83 million of the funds brought in by the auction, with the share of the funds awarded based on the size of their units. The rest of the funds will go the families of the 98 people who lost their lives in the disaster.
The developer had been sued by the Surfside plaintiffs, who accused developer Terra Group and builder John Moriarty of contributing to the collapse by causing vibrations as they were performing work on an adjacent property.
Previous settlements totaling $106 million had previously been reached with insurers for the condo association, its engineer and law firm, as well as engineers involved in the work on the adjacent property.
(YWN World Headquarters – NYC)