On the eve of the one-year anniversary of a catastrophic condominium collapse in Surfside, Florida, a judge approved an approximately $1 billion settlement for those impacted by the disaster that killed 98 people, an attorney for the plaintiffs confirmed Thursday.

The judge's decision finalizes a tentative settlement that was reached last month between several parties and prevents the claims from going to trial. The settlement amount will be awarded to survivors, families of deceased victims and owners of damaged property.

CNN's Chuck Johnston, Jamiel Lynch and Jaide Timm-Garcia contributed to this report.

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