The allocation calls for $281,000 to be given to each of the families of the 26 children and school educators killed at Sandy Hook Elementary School last year.
Kenneth Feinberg was named the administrator of the One Fund Boston. He has previously administered the 9/11 Victim Compensation Fund, the BP oil spill fund and other disaster relief funds.
The FBI released video and pictures Thursday and is asking the public to help identify the two men seen in those images as it tries to piece together who is responsible for the Boston Marathon bombings.
The deal would pay first responders anywhere from several thousand to about $2 million, depending on the severity of their illness.
Lawyers for about 10,000 workers tentatively worked out a settlement last spring. It could be worth $625 million to $712.5 million, depending on how many people take the deal.