MGM Resorts International has reached a landmark settlement agreement with the victims and victims’ families of the Las Vegas mass shooting.
It will cost MGM between $735 million and $800 million, depending on the number of claimants.
"We have always believed that prolonged litigation around these matters is in no one’s best interest. It is our sincere hope that this agreement means that scenario will be avoided," said MGM CEO Jim Murren.
MGM said the settlement agreement does not mean an admission of liability.
The fund will pay out to more than 4,000 survivors and relatives of those who died in the October 1 mass shooting.
"We believe that the terms of this settlement represent the best outcome for our clients and will provide the greatest good for those impacted by these events," said plaintiffs’ attorney Robert Eglet.
Victim Paige Gasper, who was shot, said: "This settlement sends a message to large companies like MGM to do more to protect people and prevent horrific events like this."
Legal experts believe it is the largest settlement ever made for a mass shooting.
Mass shooting settlements are rare as it is difficult to pin blame on corporations sufficiently, beyond the actions of the shooter.
"In a mass shooting it is very unusual to get a settlement. In so many situations it’s hard to find someone who could actually compensate the survivors and victims and bears some responsibility," said Michelle Tuegel, a lawyer representing Ms. Gasper.
