Survivors of Surfside Condo Collapse Seek More Settlement Money

Iliana Monteagudo, who escaped the Champlain Towers South moments before it collapsed last summer, says she has been trying to rebuild her life at the age of 65, with no savings and lingering anxiety from the Surfside disaster.

Source: Miami Herald | Published on May 19, 2022

condo collapse

She expects to receive approximately $610,000 from an initial settlement reached in March by the 136 condo building unit owners as part of a class-action lawsuit. However, after the total settlement amount in the case increased to nearly $1 billion last week — largely reserved for family members of the 98 people killed in the collapse — Monteagudo said she wants a larger share of the money to help her buy a house and move on with her life.

"We, too, are victims," Monteagudo said on Wednesday. "We made it, but we were left with nothing." We are the elderly, and we have nothing."

In a letter last week, a group of about 50 unit owners asked the judge presiding over the case to reconsider the initial $83 million settlement.

"We are thrilled that the recent settlement for the wrongful death class exceeded everyone's expectations," the unit owners wrote. "However, given the size of the settlement, we believe that it merits a reconsideration of the allocation settlement agreement as we, too, have been significantly harmed by this tragedy and need to rebuild our lives."

Miami-Dade Circuit Judge Michael Hanzman, who has presided over the case since its collapse on June 24, will hold a hearing on the request on Tuesday.

The lawsuit — and the issue of money — has sparked debate, with some relatives of victims arguing that condo owners should not receive any compensation.

The preliminary $997 million settlement will primarily benefit the heirs of those who died in the collapse. Claims from surviving unit owners suffering from physical and psychological harm may also be included in the larger settlement.

After receiving the letter, attorney Michael Goldberg, the court-appointed receiver for the Champlain Towers South condo association, filed a motion Monday requesting the hearing. Goldberg told the Miami Herald that if the settlement is approved, he does not believe any additional funds will be deducted from the $997 million settlement but may be deducted from other settlements, insurance proceeds, and funds from the land sale.

Hanzman approved the $83 million property-loss settlement in late March, which would pay unit owners proportionally to the size of their units but less than what owners claimed their condos were worth. The funds will be paid with $30 million in building insurance and $53 million from the expected $120 million sale of the Champlain Towers South property at 8777 Collins Ave.

Many unit owners expressed dissatisfaction with the payout but felt compelled to accept it for fear of being sued under a Florida condo law that holds owners liable if their building's insurance cannot pay off a wrongful death or personal injury claim.

Monteagudo, who claimed she was coerced into agreeing to the initial settlement, purchased her two-bedroom condo at Champlain Towers in late 2020 for around $600,000, but she claims the value of her oceanfront unit would be much higher today given the hot real estate market.

Monteagudo stated that she has a new fear of condo buildings and wishes to purchase a home. However, she stated that she does not believe she will be able to do so with the money she will receive from the settlement. She has been renting in a Miami Beach condo building since the collapse, but she is concerned that it is unsafe.

"We don't want millions like the families do; we just want a house," she explained. "And we can't buy it with that money."