Almost six years after the devastating fire at London’s Grenfell Tower killed 72 people, more than 900 survivors, family members and residents have agreed to a financial settlement of their civil claims.

The plaintiffs were represented by 14 law firms while the defendants included cladding manufacturer Arconic, contractor Rydon, fire engineering consulting firm Exova, architecture firm Studio E., and fire risk assessment firm CS Stokes and Associates among others.

The compensation will be distributed amongst the claimants “according to their own specific circumstances”, the lawyers said, adding that the agreement will have no bearing on the public inquiry headed by Sir Martin Moore-Bick, which is investigating the circumstances that led to the deadly fire; the report is expected to be released later this year.

“The settlement is completely independent of, and has no impact upon, the ongoing public inquiry into the Grenfell Tower fire, which is due to publish its report in 2023, or the ongoing criminal investigation where it is anticipated that the Crown Prosecution Service will make a decision on whether to pursue criminal charges against those responsible for the fire after publication of the final Grenfell Tower Inquiry report,” the firms says in a statement.

“In those respects, the BSRs’ (bereaved family members, survivors and local residents) fight for justice continues.

“Finally, it should be recognised that no amount of damages could ever be sufficient to properly compensate those affected by the fire.”

Arconic has also agreed to “contribute to a restorative justice project to benefit the community affected by the fire”.

“Arconic continues to express its deepest sympathy to the Grenfell residents and their families, and appreciates the importance of this milestone for providing a resolution that lessens the delay and stress to claimants that would result from protracted legal proceedings,” the company says.

Kensington & Chelsea Tenant Management Organisation (KCTMO), which ran the local council’s entire housing stock, welcomed the settlement as a step towards justice for those involved while stating that “a monetary settlement won’t mitigate for the loss and trauma”.