"While no amount of money can compensate the victims for their losses, it is gratifying to achieve a settlement that will allow for payment of their medical expenses, reimbursement of their lost income, and provide some measure of financial security to their lives," attorney Jim Schwebel said in a statement on behalf of the plaintiffs.

URS Corp. officials said in a statement that the settlement is not an admission of liability or fault in the collapse of the Interstate 35W bridge over the Mississippi River that killed 13 and injured 144.

"URS believes it is in the best interest of the company and its shareholders to resolve this matter and avoid the cost and distraction of protracted litigation," according to the company's statement. The firm reiterated it was not involved in the design or building of the bridge and was not involved in any of the later construction work on it.

Plaintiffs' lawyers argued in the lawsuit that URS, which was in charge of evaluating the bridge for the Minnesota Department of Transportation, failed to recommend improvements to the bridge despite what the attorneys argued were clear warning signs such as corroded, buckling gusset plates, CNN reported.

The state of Minnesota appropriated $37 million for victims' compensation in 2008, and the construction company that was doing resurfacing work on the bridge at the time of its collapse, PCI Corp., settled with the victims that same year for more than $10 million.