Select condo owners in Toronto (who one could call lucky or not-so-lucky, depending how you look at it) are now in line to receive some potentially big bucks after a building screwup that left their balconies unusable for months.

A class action lawsuit against the architects, designers, glass and railing suppliers, and other stakeholders involved in the construction of the Festival Condominium Tower at 80 John Street, near King, has just reached a settlement, meaning eligible residents of the complex could soon be getting a cheque in the mail.

The glass keeps falling off the Festival Tower at #TIFF. Keep a heads up while walking by. A film idea could emerge from this. #toronto

— Brooks Hunter (@brooks__hunter) August 4, 2011

The legal action was a result of what the case formally refers to as "falling glass incidents," in which glass panelling from balcony railings fell to the street below, putting people in grave danger.

Personal verandas were closed for repairs as a result, which somehow lasted a whopping 10 to 16 months. In the meantime, the building — which houses the TIFF Bell Lightbox theatre at its base — became a bit of a joke, despite the severity of the issue.

What are with the cops at king and john? Glass falling off of the Festival Tower condo, again?

— jeff karpala (@jeffkarpala) January 7, 2013

While the companies involved continue to deny any wrongdoing or legal violation, they've said they are willing to fork over $800,000 as part of an agreement that is pending approval by the Ontario Superior Court of Justice, which will be making a decision in September.

This will allow the firms to avoid messy and more costly litigation.

More falling glass in Toronto, King and John; Festival Tower: roads closed! #avoid.

— Marty Kerruish (@CanadianGlazier) August 3, 2011

Lawyers are advising anyone who owned and/or occupied one of the 381 condos in the building between May 1, 2011 and November 3, 2012 that they might qualify for a payout to the tune of around $1,200 per unit.

Hearing this, residents of certain other towers in the city would surely argue that despite no falling glass hazards, they too are entitled to some serious compensation for the state of their building.