A settlement of more than $1 billion for the victims of the tragic 2021 condominium collapse in Surfside, Florida has been reached.

The Miami Herald reported that this past Friday that a team of lawyers representing family members of the dozens of people who died in the Champlain Towers South tragedy reached a settlement totaling $1,021,199,000.

The settlement agreement was submitted to Miami-Dade Circuit Judge Michael Hanzman who gave his preliminary approval on Saturday at a court hearing that followed around-the-clock negotiations about a potential settlement.

The settlement was reached less than a month before the one-year anniversary of the tragedy.

“It’s a great result,” Hanzman said on Saturday. “This agreement appears to be a very reasonable compromise of the claims.”