SURFSIDE SETTLEMENT
Survivors of the ‘Surfside” condominium collapse and families of those who died will share a settlement of more than $1 billion in damages paid by insurance companies for the condominium association and other parties who may be found to share responsibility for the tragedy. Ninety-eight people died when the 135-unit Florida beachfront condominium tower collapsed in June of 2021.
The settlement was announced just a little over a year after the building collapsed – record time for litigation that was expected to drag on for years. Plaintiffs, defendants and legal experts attributed the speed to the sensitivity, empathy and efficiency with which Florida Circuit Court Judge Michael Hanzman managed the complicated litigation.
Since the tragedy Condominium Associations throughout the country have been grappling with the after affects including changes in lending requirements for Fannie Mae and Freddie Mac, and more scrutiny of building safety and deferred maintenance.
MEEB has been tracking the legal implications arising from this tragedy closely as you can see in our recent webinar.