MGM Resorts to pay $735M settlement in Las Vegas massacre lawsuits

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He continued to fire for roughly an hour as the festival's audience scrambled for cover.

The settlement creates the third-largest victims compensation fund in US history, said Feinberg, a claims administrator who distributed $7.1 billion in victim compensation after the September 11, 2001, terrorist attacks and $6.5 billion following the 2010 BP oil spill in the Gulf of Mexico.

The shooter was found dead in his hotel room with an apparently self-inflicted gunshot wound.

[MGM] had sought to block victims from recovering any money from the company, arguing that a little-known federal law passed in the aftermath of the September 11 attacks meant that MGM enjoyed a shield from liability because the shooting qualified as an "act of terrorism" under the law's expansive definitions.

The legal fights stem from a country music festival that became a killing ground when a retired accountant and high-stakes video poker player fired out the windows of his hotel room into the crowd. The federal law is known as the Support Antiterrorism by Fostering Effective Technologies Act, or Safety Act. As many as 700 people were wounded or injured trying to escape the area.

This new agreement aims to help mitigate that ill will toward MGM. He added that MGM is practicing "good corporate citizenship" with the deal.

Stephen Paddock, 64, killed himself as police closed in.

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Robert Eglet, a lawyer for the victims, said today that the settlement would be in the range of $735 million to $800 million and would resolve "substantially all" of the lawsuits and claims against the company related to the shooting.

A statement Thursday from Las Vegas law firm Eglet Adams says the amount of the settlement with MGM Resorts International depends on the number of plaintiffs who choose to take part. We have always believed that prolonged litigation around these matters is in no one's best interest. "This agreement with the plaintiffs' counsel is a major step, and one that we hoped for a long time would be possible", MGM CEO Jim Murren said in a statement. Kenneth Feinberg, who wasn't involved in the Las Vegas deal, said he oversaw $7.1 billion in victim compensation after the September 11, 2001, terrorist attacks and $6.5 billion following the 2010 BP oil spill in the Gulf of Mexico.

As legal claims piled up, MGM Resorts drew outrage by filing lawsuits previous year against more than 1,900 victims in a bid to avoid liability.

The 30-year-old single mother of two young children from Temecula, California says she has had seven surgeries and her recovery is never ending.

He and his firm did not immediately respond to messages seeking further comment.

She said she tries hard to not let the aftermath from the shooting consume her children's lives. Authorities later found assault-style weapons, hundreds of rounds of ammunition and bump stocks that allow a user to rapidly fire a gun.

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