Victims of Surfside Condo Collapse Reach $997 Million Settlement

[ificandream]

Source: Wall Street Journal (via MSN.com)

Victims of the 2021 condo tower collapse in Surfside, Fla., have reached a proposed $997 million settlement to resolve wrongful death claims against defendants sued over the building’s failure.

The payout, announced in a court hearing Wednesday, would settle claims brought by family members of the 98 victims of the collapse of Champlain Towers South last June.

Defendants in the case included the building’s insurers, developers of a neighboring condo building, an engineering firm that warned of the tower’s structural issues before its collapse and others.

The settlement is much higher than most lawyers initially expected. The initial pool of insurance money to settle both claims for victims who lost their homes and those who lost family members was $50 million.

Read more: https://www.msn.com/en-us/money/realestate/victims-of-surfside-condo-collapse-reach-dollar997-million-settlement/ar-AAXatzG?li=BBnb7Kz

[LonePirate]

1. This decision will almost certainly be appealed.

There is no way a group of defendants which includes insurance companies and real estate developers will pay up roughly $1B in a settlement.

I suspect the final settlement after all appeals will be far closer to the $50M number than the $1B number.

[Frasier Balzov]

2. If it's a settlement, there's nothing to appeal.

However, I can't really tell from the article who it is who supposedly has this kind of bread to bring to the table.

[karynnj]

4. They listed several entities that were involved

I suspect all had insurance and they along with the insurance companies' adjusters agreed to settle - even as some continued to deny responsibility. The cost and risk of an even higher judgement if they went to court was real to them.

[jgmiller]

3. They sued the engineering firm that warned the building was dangerous?

It doesn't shock me the firm was sued because lawyers sue everyone but if they warned them that pretty much covers them I would think.

[Lucky Luciano]

6. Curious about this as well.

[Luciferous]

8. That stood out to me as well.

[cstanleytech]

10. Ya, offhand that makes little sense.

[Hekate]

5. Does this cover the property losses of all the people who didn't die? Because they lost everything...

… except their lives. And the loss of life was awful.

[cstanleytech]

11. Assuming the lawyers take about 45% of that I think it comes out to around $5 million per person.

Of course no amount of money can or ever will be able to replace anyone they loved that died but financially they should be fairly well off for the rest of their lives assuming they do no do anything stupid with the money.

[eggplant]

15. Property loss payouts come from homeowners/renters insurance claims.

Now if the insurance companies want to sue the building owners, that's their business.

[keithbvadu2]

7. Built but deliberately short-changing long-term maintenance for quick profits.

https://democraticunderground.com/100215585760

How The Reagan Revolution Collapsed America & the Florida Condo

condo fees

https://hartmannreport.com/p/how-the-reagan-revolution-collapsed
-----------
https://www.democraticunderground.com/100215598501

Built but deliberately short-changing long-term maintenance for quick profits.

[Aussie105]

9. Madness to build high rises there!

Biggest losers, beyond those directly affected?

Other owners of high rise apartments in the area, who want to move away but find there are no buyers, or prices have dropped a lot.

We have the same high rises too close to the beach here in Australia, Surfer's Paradise.

[cstanleytech]

12. Building them there is not the problem its not properly building them and by that I think it

should be part of the code that they must also be built with the potential for any sea level increase.
Not impossible to do but it would be rather expensive.

[Aussie105]

13. Sea level rises not needed.

See my picture?

See the the sea level?

Do you think the sea stops at the beach?

No, the soil from the edge of the beach to far inland is saturated with salt water.

Florida has shown foundations soaked in salty ground water degenerate to the point of failure.

You could build some huge sumps deeper that the foundations located between the building and the sea, and pump out the water that accumulates there to keep the foundations dry.
But then you will get settlement problems.

Bad idea all round.

[cstanleytech]

14. If they were allowed to continue to use current concrete that is used most often today then yes it

would be a problem.
I was thinking more along the lines of requirements that they use roman style concrete for the entire building and that the lower floors must be designed to be opened to to the sea rather than used as the ocean levels rise thus no need to pump them out.
That way any part of the building that is under water can provide shelter for varies sea life.
The real trick though would be would be with the metal as steel won't work at all.