LAS VEGAS. Nev.—MGM Grand Hotels in will formalize on May 20 its settlement of all but a few of the remaining 450 liability lawsuits stemming from a 1980 fire at its Las Vegas hotel.
All but about 40 of the 112 other defendants sued in the fire litigation also are participating in the largest out-of-court tort settlement in U.S. history.
More than 1,350 fire victims and surviving family members will share almost $140 million paid by MGM Grand and the other defendants into a settlement fund held in a hank escrow account.
-The money isn't all there yet, but that's how much is projected based on actual settlements and settlements in principle,- said a spokesperson for the court.
MGM Grand is expected to make a second $25 million payment to the escrow account 21 days following delivery by the Plaintiffs' Legal Committee of final paperwork on the settlements.
The hotel-casino company will complete its $75 million contribution to the master settlement with a final $25 million payment in two years. It made its first payment early this year.
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