CNN reports that Remington, now bankrupt, and its insurers agreed to the payment to settle a lawsuit brought by the families of four adults and five children who were killed in the massacre at the Newtown, Conn., school.
Remington made the Bushmaster AR-15-style rifle used in the attack that left 20 children and six adults dead.
In their lawsuit, the families argued that Remington's marketing strategy for the rifle violated Connecticut laws that prohibit deceptive marketing practices. The company marketed rifles by extolling the militaristic qualities of the rifle and reinforcing the image of a combat weapon.
The U.S. Supreme Court in 2019 declined to hear Remington's appeal challenging the lawsuit, effectively allowing the case to move forward.