MIAMI-DADE COUNTY, Fla. – A bankruptcy judge Wednesday approved a deal allowing $42 million in insurance proceeds to settle claims brought by the victims of the Florida International University pedestrian bridge collapse, FIU said.
The company that built the bridge, Magnum Construction Management, went bankrupt after the collapse. Because of that, the settlement had to be approved through federal bankruptcy court.
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"During the court hearing, FIU confirmed that it would give up its right to pursue claims against a $5 million professional liability policy that is part of the settlement plan," the university said in a statement.
On March 15, 2018, a recently installed pedestrian bridge spanning Southwest Eight Street collapse onto moving traffic below, killing six people and injuring eight others. The cause of the collapse is still under investigation by the National Transportation Safety Board.
Under the settlement, the victims' families agreed to end their legal cases against FIU, the university said.
"FIU made this decision out of respect for the victims of the bridge collapse and their families," the university said. "We believe this is the right course of action, because it will allow the victims and their families to maximize their recovery and expedite the process of getting compensation to them."