A settlement of up to $800 million is expected for the victims of the Las Vegas massacre, according to lawyers for the victims.
The settlement deal, announced Thursday morning, was between MGM Resorts and victims of the shooting and is between $735 million to $800 million.
MGM's insurance company will evaluate claims, and pay settlements, by the end of next year.
In a statement, MGM says the decision to settle is no way an admission of liability in the concert massacre fired from the 32nd floor.
Most of the victims were from Southern California. Fifty-eight people were killed in the mass shooting. At least 700 people were injured.
This month marks two years since the Route 91 concert massacre.
The shooter, 64-year-old Stephen Paddock, was in a 32nd floor Mandalay Bay hotel suite.
MGM sued many of the victims in a bid to avoid liability. “It was a no-dood thing to do...but now they’ve stepped up and done the right thing,” says plaintiffs’ attorney Kevin Boyle. MGM statement below. @KNX1070 pic.twitter.com/opaDuhlXHu
— Claudia Peschiutta (@ReporterClaudia)
October 3, 2019 “This is the biggest mass shooting settlement in world history. This is the only mass shooting settlement in world history.” Plaintiffs’ attorneys on the settlement of up to $800M reached w/as many as 4,500 victims (many from So Cal) of the ‘17 mass shooting in Las Vegas @KNX1070 pic.twitter.com/K6YhGI9Oja
— Claudia Peschiutta (@ReporterClaudia)
October 3, 2019 At least 2500 lawsuits against MGM allege lapses in hotel security allowing the shooting to happen.
In May, in a disclosure to stockholders, MGM said it was "reasonably possible that a settlement will be reached."
