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George Floyd's family has been awarded a $27 million (£19,385,865) settlement after they filed a wrongful lawsuit against Minneapolis City Council.
The family settled for the amount on Friday following a unanimous agreement by the city's councillors.
The family have said they will use $500,000 (£358,997) to help improve the community Floyd used to live.
The Floyd family's lead attorney Ben Crump said: "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 colour must end."
Council President Lisa Bender said: "I hope that today will centre the voices of the family and anything that they would like to share.
"But I do want to, on behalf of the entire City Council, offer my deepest condolences to the family of George Floyd, his friends and all of our community who are mourning his loss."
The suit brought by the family accused the Minneapolis Police Department of using 'unjustified, excessive and illegal force' while arresting 46-year-old Floyd shortly before his death last May.
Former police officer Derek Chauvin was seen kneeling on Floyd's neck last year for more than eight minutes.
In harrowing footage, Floyd could be heard to say: "I can't breathe," several times.
His death sparked outrage and worldwide Black Lives Matter protests.
Jury selection for Chauvin's murder trial is currently underway and hearings are set to begin on 29 March.
Yesterday, a judge reinstated a third-degree murder charge; he was already facing second-degree murder and manslaughter charges.
His defence team had previously tried to block the third-degree murder charge, which requires a lower burden of proof, but Hennepin County Judge Peter Cahill has now reinstated the additional charge for Chauvin.
He said: "I feel bound by that and I feel it would be an abuse of discretion not to grant the motion."
If Chauvin is convicted, he faces up to 40 years in prison.
Three other police officers, Thomas Lane, J Alexander Kueng and Tou Thao, were there when Floyd was arrested and have been fired over Floyd's death.
They will face trial in August on aiding and abetting charges.