Attorneys representing substantially all plaintiffs in litigation involving the Oct. 1, 2017, shooting announced they have reached a settlement agreement to resolve pending lawsuits involving MGM Resorts.
The total settlement amount is expected to be between $735 million and $800 million, subject to and depending on the number of claimants who choose to participate in the settlement.
Under the Settlement Agreement, the parties will dismiss and release all pending litigation, including the declaratory-relief actions filed by MGM Resorts against participating claimants.
EGLET ADAMS represents nearly 2,500 victims of the mass shooting.
“Today’s agreement marks a milestone in the recovery process for the victims of the horrifying events of 1 October,” Robert Eglet, a lead plaintiffs’ counsel, said in a statement. “While nothing will be able to bring back the lives lost or undo the horrors so many suffered on that day, this settlement will provide fair compensation for thousands of victims and their families. MGM Resorts is a valued member of the Las Vegas community and this settlement represents good corporate citizenship on their part.”
An Independent Claims Administrator will be appointed by the court to evaluate each claim and allocate the settlement fund among the participating claimants. The process is expected to be completed by late 2020.
The settlement fund will be funded by MGM Resorts’ insurers with a minimum of $735 million. Depending on claimant participation, MGM Resorts will add additional amounts, up to $800 million.
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