The families of the 98 people killed when the Champlain Towers South condo collapsed in Surfside, Miami, last June will receive a share of $1bn.
Miami-Dade Circuit Judge Michael Hanzman announced the settlement on Thursday – a day before the one-year anniversary of the disaster.
“It will never be enough to compensate them for the tragic loss they have suffered,” the judge said. “This settlement is the best we can do. It’s a remarkable result. It is extraordinary.”
The bulk of the $1.02bn will go to people who lost family members in the collapse of the 12-story building, the Associated Press reported.