MIAMI — In a surprise development, the class-action litigation over the collapse of Champlain Towers South has been settled, a federal judge was told Wednesday, with plaintiffs expected to receive just under $1 billion.

The comprehensive settlement announced in Miami-Dade Circuit Court Judge Michael Hanzman’s courtroom effectively closes the litigation phase of the case. Still to be decided is the share each victim or their survivors will receive.

The collapse in the early-morning hours killed 98 people.

“We have gotten $997 million in proposed settlements before you — and it could be a billion before the end of the week,” said Harley S. Tropin, a lawyer representing the plaintiffs. “We will be done. The money will be distributed. These victims will get some measure of relief.”

Hanzman hoped to have the case resolved before the first anniversary of the collapse of the 136-unit oceanfront building in Surfside that fell at 1:22 a.m. on June 24.

“The result achieved and the speed is beyond extraordinary,” Hanzman said. “When this case first came in this court I told everyone this wouldn’t be business as usual. This was a tragedy of unspeakable proportions. If we didn’t have right people handling this case it would be a 10-year slog with tens of millions in attorneys’ fees.”

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