UPDATE OCT. 3: Las Vegas lawyer Robert Eglet says that the settlement between MGM Resorts and victims of 1 October is expected to be between $735 million and $800 million.
"Today's agreement marks a milestone in the recovery process for the victims of the horrifying events of 1 October," said Robert Eglet.
"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. MGM Resorts is a valued member of the Las Vegas community and this settlement represents good corporate citizenship on their part. 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."
The amount would be dependent on how many people file a claim. 58 people were killed in the shooting during the Route 91 country music festival on the Las Vegas Strip and hundreds of people injured or impacted.
Under the settlement agreement, the parties will agree to release all pending litigation, including the declaratory-relief actions filed by MGM Resorts against participating claimants.
The settlement agreement is a result of ongoing mediation efforts of the 1 October Litigation Leadership Group consisting of Robert Eglet (Eglet Adams), Mark Robinson (Robinson Clacagnie) and Kevin Boyle (Painsh Shea & Boyle).
An Independent Claims Administrator will be appointed by the court to evaluate each claim and allocate the settlement fund among the participating claimants. The entire process is expected to be completed by late 2020. The settlement fund will be funded by MGM Resorts' insurers with a minimum of $735 million. Depending on claimant participation, MGM Resorts will add additional amounts, up to $800 million.
MGM Resorts International also released a statement on Thursday morning. It says in part:
“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. This agreement with the Plaintiffs’ Counsel is a major step, and one that we hoped for a long time would be possible,” said Jim Murren, Chairman and CEO of MGM Resorts. “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.
Today’s agreement marks a milestone in the recovery process for the victims of the horrifying events of 1 October,” said Robert Eglet, a lead Plaintiffs’ Counsel. “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. MGM Resorts is a valued member of the Las Vegas community and this settlement represents good corporate citizenship on their part. 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.”
A statement from Mo Aziz of Abraham, Watkins, Nichols, Sorrels, Agosto & Aziz – a Texas law firm - was also released Thursday.
“While we cannot eliminate the physical and emotional scars suffered by the thousands of people impacted by this tragic event, we hope this resolution will provide some sense of closure to our clients. In this era of mass shootings, this settlement sends a strong message to the hospitality industry that all steps necessary to prevent mass shootings must be taken.”
The firm said it represents more than 1,300 victims and survivors of the 2017 shooting and said it was the first to file suit in the litigation as well as be part of the team that entered into the settlement with MGM Resorts International and other defendants.
A massive settlement to resolve claims stemming from the October 2017 Las Vegas massacre is expected to be announced Thursday, according to people briefed on the plans.
ABC News reports the financial payouts are anticipated to be in the hundreds of millions of dollars.
Officials at MGM Resorts, the owner of the Mandalay Bay where the mass shooting occurred, declined to comment this evening.
Earlier this year, MGM reported to federal regulators that company estimates indicated it could end up paying up to $800 million to settle claims from the massacre two years ago on the Strip.
MGM has been the target of scorching criticism for suing hundreds of victims preemptively in order to have all lawsuits stemming from the massacre consolidated into one massive case in one federal court.