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Defining a Record $27 Million Civil Rights Settlement for the Estate of George Floyd

The death of George Floyd in Minneapolis sparked widespread protests in the United States and globally and resulted in a federal civil rights lawsuit filed by the Trustee of the family of George P. Floyd Jr. against the City of Minneapolis and the four police officers accused of causing Mr. Floyd’s death. Working pro bono with the counsel for the Trustee, FTI Consulting’s Compass Lexecon subsidiary provided expert analysis on the ability of the City of Minneapolis to pay a substantial settlement or judgment.

Our Impact

FTI Consulting subsidiary Compass Lexecon’s analysis concluded that the City of Minneapolis had the ability to pay a settlement well in excess of a typical wrongful death payment.
On March 12, 2021, the parties reached a $27 million settlement, which attracted national attention when it was announced due to its societal significance and historic size.
A portion of the settlement amount was set aside to benefit the neighborhood where Mr. Floyd was killed.
The New York Times reported that “the settlement was among the largest in a case of police misconduct” and substantially larger than settlements in other well-publicized cases of police killings in recent years.
Counsel for Mr. Floyd’s family said that the settlement was “the largest pretrial settlement ever for a civil rights claim.”

Our Role

Compass Lexecon Chairman Professor Daniel R. Fischel, along with Compass Lexecon Executive Vice Presidents Andria van der Merwe and Todd D. Kendall prepared an analysis based on a detailed review and evaluation of the city’s finances, outstanding debt and other liabilities which also compared the city along these dimensions with other large cities.
Working with Nicolette Ward of Romanucci & Blandin, LLC, who represented the Trustee for the Next of Kin of Mr. Floyd, the Compass Lexecon team also analyzed market evidence, including commentary from credit agencies.

“It was an honor for all of us at Compass Lexecon to have assisted in providing some compensation to George Floyd’s family as a remedy for this tragic injustice.” — Daniel Fischel, Compass Lexecon Chairman & President