The City of Minneapolis has reached a settlement with the family of George Floyd that will see it pay out a record of $27 million for the 46-year-old's death during his arrest by police last May.
The city confirmed the settlement ahead of a 1 p.m. news conference with city leaders and members of the Floyd family, which follows a behind-closed-doors meeting of the Minneapolis City Council to discuss and approve the payment.
The figure announced Friday eclipses the previous record payout from the city of $20 million to the family of Justine Damond, who was shot dead by a Minneapolis police officer in July 2017.
Of the $27 million paid to the Floyd family, $500,000 will be contributed by the family to the community at 38th and Chicago, the scene of Floyd's death that is now known as "George Floyd Square.
The settlement will be paid to Kaarin Nelson Schaffer, the trustee for the Floyd family.
The case against the former officer charged with murder in Floyd's death, Derek Chauvin, is currently undergoing jury selection ahead of a trial.
He allegedly held Floyd down with a knee on his neck during an arrest following a report of a bank note forgery. Three other officers who also held him down face trial later this year for aiding abetting murder and manslaughter.
The family's attorney, Benjamin Crump, had this to say following the settlement: "George Floyd’s horrific death, witnessed by millions of people around the world, unleashed a deep longing and undeniable demand for justice and change.
"That the largest pre-trial settlement in a wrongful death case ever would be for the life of a Black man sends a powerful message that Black lives do matter and police brutality against people of color must end."