Overview of a large US legal reconciliation in a $ 1 billion surfside transaction | National News


The Settlement Over $ 1 billion in compensation for the 98 people who died in the collapse of a Florida condominium is far from the largest in US history.

Adding the $ 96 million offered to real estate owners in the Champlain Towers South disaster does not bring us closer to such a biggest legal deal.

Judge gave Initial approval of transaction Saturday. The settlement resulting from a lawsuit filed after the collapse of a 12-story seaside building on the surfside last June is expected to be finalized in the coming weeks. The Exact cause of collapse Not decided yet.

Other major US legal reconciliations include:

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The Victim Compensation Fund, established after September 11, 2001, paid more than $ 7 billion to approximately 5,500 individuals and families who were injured or lost their loved ones in the attack. The program was set to expire in December 2020, Updated by Congress Over the next few decades, so many 9.11-related illnesses will not appear immediately.

An oil rig exploded off the coast of Deepwater Horizon in 2010, killing 11 people, dumping tens of millions of gallons of oil into the Gulf of Mexico, polluting beaches, ruining fishing and killing birds. rice field. as a result, $ 20.8 billion settlement, According to the US National Oceanic and Atmospheric Administration, it is about the largest environment in history. Money is spent on various programs. The rig owner and operator, BP, has also paid a $ 4 billion fine for violating the Clean Water Act.

Under the 1998 Tobacco Master Payment Agreement between four cigarette makers, the federal government, and 46 states, businesses will have to pay $ 206 billion over 25 years and $ 9 billion annually thereafter. Four states, including Florida, have reached their own settlements with tobacco companies. Money is mainly used to help the state handle the long-term health costs of smoking.

In 1998, Dow Corning Corp. raised about $ 3.2 billion Estimated 170,000 women They said they were suffering from injuries and illnesses caused by silicone breast implants.

Enron’s now-disappearing shareholders reached a $ 7.2 billion settlement in 2008. Massive accounting fraud scandal It was revealed by showing how the company’s profits were misrepresented. Enron, which once had about 29,000 employees, declared bankruptcy and was virtually closed in December 2001.

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Overview of a large US legal reconciliation in a $ 1 billion surfside transaction | National News

Source link Overview of a large US legal reconciliation in a $ 1 billion surfside transaction | National News

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