A company that made a rifle used in one of the US’s deadliest school shootings has settled with the families of victims for $73m (£53.9m).
The settlement from Remington Arms comes in response to a lawsuit brought by the families of nine of 26 victims of the 2012 Sandy Hook massacre.
The case marks the first time a gun-maker has been held liable for a mass shooting.
The families say Remington was negligent.
While the details of the settlement were not disclosed in court documents filed on Tuesday, an attorney representing the families, Josh Koskoff, said in a statement that Remington settled for $73m.
In their lawsuit, the families of five adults and four children who died in the shooting argued that the company marketed its weapons to high-risk and potentially unstable individuals such as Sandy Hook gunman Adam Lanza.
One example cited by Mr Koskoff on Tuesday featured an image of a rifle along with the words “consider your man card reissued”. The lawsuit alleged that the campaign formed part of a larger – and “aggressive” marketing effort that included product placement in video games.
“I had thought the case was about the gun, but it’s just as much about the greed,” he said at a news conference on Tuesday.
Mr Koskoff said that “it is hard to imagine a better outcome” for the families of the victims, who he said have been focused on “preventing the next Sandy Hook”.
The statement released by Mr Koskoff following the settlement included testimony from relatives of victims of the attack.
“Our loss is irreversible, in the sense this outcome is neither redemptive nor restorative,” said Lenny Pozner and Veronique De la Rosa, whose six-year-old son Noah was killed.
“What is lost remains lost,” they added. “However, the resolution does provide a measure of accountability in an industry that has thus far operated with impunity.”
The $73m amounts to the full amount of coverage available from Remington’s four insurers – a fact that Mr Koskoff said could have a potentially far-reaching impact on the US gun industry.
“This victory should serve as a wake up call, not only to the gun industry, but also the insurance and banking companies that prop it up,” he added. “For the insurance and banking industries, it’s time to recognise the financial cost of underwriting companies that elevate profit by escalating risk.
Last July, Remington – the oldest gun-maker in the US – offered $33 million to (£24m) to the families, falling far short of the $225m they’d sought in court. The families rejected the offer and said they had collected enough evidence to prove misconduct from Remington.
During court hearings in February, attorneys for the family said that total punitive claims could possibly exceed $1bn.
Remington, which was founded in 1816 and is based in North Carolina, has denied the allegations and claimed that there was no evidence that its marketing practices were related to the shooting at Sandy Hook.
The company could not be immediately reached for comment on Tuesday.
Twenty children and six teachers were killed at the 2012 school shooting in Connecticut, shocking a country already familiar with mass shootings and gun crimes in schools.
Despite the deaths of young children aged six and seven, no new national gun control laws were passed in the wake of the Sandy Hook shooting.