Nine families affected by the 2012 Sandy Hook Elementary shooting were offered a $33 million settlement on Wednesday over how the rifle was marketed.

Each family was offered $3.66 million apiece in the wrongful death settlement by Remington Arms Co., a North Carolina-based gunmaker that filed for bankruptcy in 2020. There has not been a public comment as to whether the families would accept the settlement.

The families' legal team argued in February that the settlement could total $225 million. Punitive damages for Remington could exceed $1 billion.

An attorney for the families, Joshua Koskoff, said the settlement was offered by two insurance companies that cover Remington and that the families are “considering their next steps” with the offer.

The rifle used in the shooting was a Bushmaster AR-15, a gun that is showcased in video games. The lawsuit goes over how it is wrong to display it to a younger audience, alleging it was marketed to at-risk males through product placement. 

The lawsuit claims that Remington violated the state Unfair Trade Practices Act.

“Ironshore and James River ... deserve credit for now realizing that promoting the use of AR-15s as weapons of war to civilians is indefensible. Insuring this kind of conduct is an unprofitable and untenable business model,” Koskoff said in a statement.

The case has seen some twists down the road. Remington tried to claim it was protected by a law that allows gun-makers to not be liable if someone uses their products in crimes.

The Supreme Court ruled the case could proceed regardless of the law.

"Since this case was filed in 2014, the families' focus has been on preventing the next Sandy Hook," said Koskoff.

"An important part of that goal has been showing banks and insurers that companies that sell assault weapons to civilians are fraught with financial risk."