MGM Resorts has agreed to a settlement of up to $800m with survivors and family of victims killed in a 2017 mass shooting in Las Vegas, the deadliest ever on American soil.
On October 2, 2017 Stephen Paddock shot from the 32nd floor of the Mandalay Bay Hotel and Casino down into a concert with more than 20,000 revellers, killing 58 people and injuring more than 500.
MGM Resorts, which owns the Mandalay Bay Resort, has agreed to pay between $735m to $800m to resolve legal cases against it, depending on the number of claimants who choose to participate in the settlement. It has not admitted any liability.
The settlement fund will be paid for by MGM Resorts’ insurers with a minimum of $735m. MGM Resorts has insurance coverage for $751m.
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“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,” said Robert Eglet, a lead lawyer for plaintiffs in the case.
He added that the settlement “represents good corporate citizenship on their part”.
The process is expected to be completed next year. Under the settlement the parties will dismiss all pending litigation.
“Our goal has always been to resolve these matters so our community and the victims and their families can move forward in the healing process,” said Jim Murren, chief executive of MGM Resorts.
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