MGM settles Las Vegas shooting case for as much as $800 million

MGM Resorts will pay between $735 million and $800 million to settle a lawsuit with the families of victims killed in the October 2017 in Las Vegas.

Eglet Adams, the law firm which represents about 2,500 family victims, announced a settlement agreement Thursday. The agreement means all parties will dismiss any pending litigation against MGM Resorts, the law firm said. MGM owns Mandalay Bay, the hotel where the mass shooting took place.

MGM Resorts CEO Jim Murren said Thursday the settlement "is a major step" toward the healing process for families.

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"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," Murren said in a statement. "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."

Robert Eglet, who represented the families, said the settlement demonstrates MGM's good corporate citizenship.

"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," Eglet said. "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 shooting incident, which left 58 dead and wounded hundreds of others, occurred during an outdoor country music festival. The shooter, Stephen Craig Paddock, killed himself in a Mandalay Bay hotel room.

This is a developing story...

By Khristopher Brooks - cbsnews >>

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