Harley-Troopen, one of the plaintiffs’ key lawyers, announced the decision during a hearing Wednesday.
The proposal still needs final approval from Miami-Dade County Circuit Court Judge Michael Heinzman.
“We’re delighted to have the victims recover, which we think is very significant and a big step in rescuing them from this horrific tragedy,” Trapin told CNN.
The entities in the proposed settlement include the Condo Association, Surf Side City, and engineering, architectural and other companies involved in property development and maintenance and neighborhood development.
Judge Heinzmann, who described the speed with which the settlement was reached, described it as “extraordinary” and said he hoped the case would be closed legally by the first anniversary.
A lawyer for the plaintiffs said the proposed settlement could be even bigger as efforts are still being made to reach an agreement with another company.
Surfside Mayor Shlomo Denzinger told CNN that although the city was not a defendant in the lawsuit, it had agreed to put 2 2 million in the default vessel.
He told CNN in a separate statement: “While this settlement will help families with a lot of financial burden and stress, it is important to note that no amount of money can be considered adequate compensation for loss of life. “
Tropin said that within the next few weeks the judge will sign the settlement error and send it to the families of the victims who can choose to either opt in or out. “After the final fair hearing, those who opt in will be able to file claims,” he said.
He said he thought the settlement would close for many, but said it was not enough for some.
“I don’t think anyone would be unhappy with the settlement,” Troppan said. “What they are unhappy about is the tragedy and the settlement does not fix it. It enables them to stay out of litigation for years.”
Victims of the Champlain Towers South collapse came from all over the world, and the grief affected the Jewish community in South Florida, as well as families from as far away as Argentina, Paraguay and Colombia.
The crew spent weeks trying to rescue and recover, combing through the rubble and rubble while the victims’ families and loved ones waited for information.
CNN’s Steve Almasi contributed to this report.