Las Vegas shooting victims to receive $800M settlement
After months of negotiations, a judge has approved a settlement between MGM and victims of the deadliest mass shooting in modern U.S. history.
After months of negotiations, a judge approved an $800 settlement on Wednesday, Sept. 30, from MGM Resorts International to victims of the Las Vegas shooting, CNN reported.
The agreement comes one year after MGM initially said it would pay the amount to settle lawsuits filed for victims of the 2017 mass shooting near its Mandalay Bay Casino — the deadliest mass shooting in modern U.S. history that killed 58 and injured hundreds more.
Most of the lawsuits over the shooting were filed in Clark County District Court in Las Vegas, reported the Daily Business Review last year. In response, MGM filed nine lawsuits in federal courts against 1,977 victims seeking declaratory relief that it was not liable for injuries or deaths.
MGM acknowledges no liability for the shooting as part of the Wednesday settlement, the value of which is in line with MGM’s estimate filed with the Securities and Exchange Commission earlier in 2019. At the time, MGM notified investors it had $751 million of insurance coverage available. According to CNN, $49 million of the settlement will come from the company’s funds, and the company’s liability policy will cover the remaining portion.
The plaintiffs’ attorney, Robert Eglet, told CNN that there is a 30-day period of appeal for the decision. The settlement will then be divided among more than 4,000 claimants in the suit, with individual amounts decided by a pair of retired judges chosen by both sides.
“We are hopeful it will be completed in a manner that we will be able to disperse the victims’ funds before the end of the year, ” Eglet said to CNN.
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