Philando Castile's family reaches $3 million settlement in death

The mother of Philando Castile has reached a nearly $3 million settlement with the City of St. Anthony, Minnesota in his death. Castile, 32, was shot and killed by St. Anthony police officer Jeronimo Yanez during a July 6 traffic stop in Falcon Heights.

The settlement was announced Monday in a joint statement from the attorneys representing Valerie Castile and the City of St. Anthony.

"No amount of money could ever replace Philando," Castile and the city said in a joint statement. "With resolution of the claims the family will continue to deal with their loss through the important work of the Philando Castile Relief Foundation."

The settlement avoids what likely would have been a long and expensive process of a civil lawsuit that Valerie Castile planned to file in federal court. The settlement will be covered by the League of Minnesota Cities Insurance Trust. It requires state court approval.

The shooting of Philando Castile

Castile was fatally shot by Yanez during a traffic stop in Falcon Heights on July 6, 2016. The shooting garnered national attention when Castile's girlfriend, Diamond Reynolds, streamed the aftermath of the incident on Facebook Live.

Castile told Officer Yanez he was armed, and he had a permit to carry. Dashcam video played in court and released to the public after the verdict shows the exchange between Castile and Yanez

Evidence file: Philando Castile shooting dashcam video released

New video: Daughter tells Diamond Reynolds, 'I don't want you to get shooted'

The acquittal of Officer Yanez

Officer Yanez was charged with manslaughter for Castile's death, as well as two felony counts of intentional discharge of a firearm that endangers safety for firing his weapon with Reynolds and her four-year-old daughter also in the car. It was the first time in Minnesota history a police officer had been charged with fatally shooting a citizen.

After 27 hours of deliberations, a Ramsey County jury found Yanez not guilty on all counts.

Philando Castile's family left the courthouse with anger and tears, voicing their frustrations in a post-verdict press conference. WATCH

"The system continues to fail black people," Valerie Castile said. "Because this happened with Philando, they're coming for you, for you, for you, and all your interracial children. Y'all are next and you'll be standing. you'll be fighting for justice."

Behind the verdict: Yanez trial juror explains difficult process of reaching verdict

Joint statement from City of St. Anthony Village and Valerie Castile, as trustee for Philando Castile

"The mother of Philando Castile, acting as the Trustee for the Next-of-Kin of Philando Castile, with the advice and counsel of her lawyers Robert Bennett and Glenda Hatchett, and the City of St. Anthony Village, Minnesota have agreed to a settlement of all civil claims related to the death of Philando Castile during a police stop on July 6, 2016.

"Under the terms of the settlement, Valerie Castile, as Trustee, will receive a payment in the amount of $2.995 million. The settlement will be paid through the City's coverage with the League of Minnesota Cities Insurance Trust. No taxpayer monies from the City of St. Anthony Village will be used to fund this settlement. The City and the Trustee were able to reach this agreement avoiding a federal civil rights lawsuit which may have taken years to work its way through the courts exacerbating the suffering of the family and of the community.

"This settlement was made possible because of the good faith efforts of the City of St. Anthony Village, League of Minnesota Cities Insurance Trust and Valerie Castile. The death of Philando Castile is a tragedy for his family and for our community. The parties moved expeditiously to resolve potential civil claims resulting from this tragedy in order to allow the process of healing to move forward for the Castile family, for the people of St. Anthony Village, and for all those impacted by the death of Philando Castile throughout the United States.

"No amount of money could ever replace Philando. With resolution of the claims the family will continue to deal with their loss through the important work of the Philando Castile Relief Foundation.

"The important work of healing our community continues. The City of St. Anthony Village reaffirms its commitment to transforming its police department in partnership with the United States Department of Justice Office of Community Oriented Policing Services. Through the Collaborative Reform Initiative, the City and residents are working to improve trust between the police department and the communities it serves."