Story highlights Mayor says he hopes the settlement will begin to move city toward closure

City doesn't acknowledge fault in the fatal 2014 shooting of 12-year-old boy

(CNN) The city of Cleveland will pay $6 million to settle the federal lawsuit filed by the family of Tamir Rice, the 12-year-old boy killed by police gunfire in November 2014, according to a settlement announced Monday in U.S. District Court.

According to terms of the settlement, the city acknowledges no fault in Tamir's death, which came after a 911 caller told of someone in a city park brandishing what appeared to be a toy gun.

Officer Timothy Loehmann, a trainee, shot Tamir moments after arriving in response to the call. Police said the boy was pulling out what was later found to be a toy gun when he was shot.

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In December, a grand jury declined to indict Loehmann or his trainer, Officer Frank Garmback, in Tamir's death. The grand jury concluded the shooting was a "perfect storm of human error, mistakes and communications" but not a criminal act, prosecutor Tim McGinty said at the time.

The family's January 2015 wrongful death lawsuit argued the city was negligent in Tamir's death.

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