George Floyd's family to receive $27M lawsuit settlement in May, another $2.7M from GoFundMe accounts

The City of Minneapolis agreed back in March to pay $27 million to the family of George Floyd. The payment to settle the family’s lawsuit was among the largest of its kind


                            George Floyd's family to receive $27M lawsuit settlement in May, another $2.7M from GoFundMe accounts
Street art commemorating George Floyd, killed in police custody in Minneapolis (Getty Images)
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On April 20, the jury found former Minneapolis police officer Derek Chauvin guilty on all the counts he faced over the death of George Floyd. Chauvin, 45, was convicted of second-degree murder, with a maximum sentence of 40 years in prison, third-degree murder, with a maximum sentence of 25 years, and second-degree manslaughter, with a maximum sentence of 10 years. The sentencing date for Chauvin has been set for June 16.

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For Floyd’s family, this was a huge victory. Floyd’s horrific death led to the subsequent media frenzy, and Black Lives Matter protests. To say the least, Floyd's family have been through a lot. 

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A mural painted by artist Kenny Altidor depicting George Floyd is unveiled on a sidewall of CTown Supermarket on July 13, 2020, in the Brooklyn borough New York City (Getty Images)

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When will Floyd's family receive settlement?

The City of Minneapolis agreed back in March to pay $27 million to the family of George Floyd. The payment to settle the family’s lawsuit was among the largest of its kind. Mayor Jacob Frey called the agreement a milestone for Minneapolis’s future. Ben Crump, the civil rights lawyer who is among those representing Floyd’s family, said it could set an example for other communities.

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“After the eyes of the world rested on Minneapolis in its darkest hour, now the city can be a beacon of hope and light and change for cities across America and across the globe,” he said. The settlement includes $500,000 for the south Minneapolis neighborhood that includes the 38th and Chicago intersection that has been blocked by barricades since his death, with a massive metal sculpture and murals in his honor. The city didn’t immediately say how that money would be spent.

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As per most legal query websites, settlements like these take approximately six weeks to complete. The process includes the disbursement of the amount, the completion of necessary payments, and then the legal fees. And after that, the family receives the remaining amount. So, in all likelihood, the family will receive its due by the beginning of May. 

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Graffiti artist Akse spray paints a mural of George Floyd in Manchester's northern quarter on June 03, 2020, in Manchester, United Kingdom. (Getty Images)

But in the meantime, the Floyd family has other sources of income. Between two GoFundMe campaigns for Floyd, the family raised a lot of money. The Official Gianna Floyd Fund (George Floyd's child) started and managed by Tiffany Lee of Stewart Trial Attorneys on behalf of Roxie Washington, raised $2,355,320!

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The purpose of the campaign was to assist Gianna’s mother, Roxie Washington, to help provide mental and grief counseling for George Floyd’s youngest child, lodging and travel for all court proceedings, and to assist Roxie (Gianna's mother) in providing for their child’s continued well-being and education. 100 percent of the fund “will go to Gianna’s care and future.”

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Another GoFundMe started by Floyd’s sister Bridgett Floyd raised $376,795. As per GoFundMe, there are many ways to withdraw this money. As per the website, after you add your banking information and set up withdrawals, new donations that come into your fundraiser will go through a verification process, which can take 1-7 business days.

Once they become available, all verified donations held within the GoFundMe will be automatically sent at the frequency of your choosing -- daily, weekly, or monthly, as long as the withdrawals have been set up and verified. As soon as funds are sent, they will arrive at your bank in 2-5 business days.

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