This work is concerned with the mathematical analysis of the bulk rheology of random suspensions of rigid particles settling under gravity in viscous fluids. Each particle generates a fluid flow that in turn acts on other particles and hinders their settling. In an equilibrium perspective, for a given ensemble of particle positions, we analyze both the associated mean settling speed and the velocity fluctuations of individual particles. In the 1970s, Batchelor gave a proper definition of the mean settling speed, a 60-year-old open problem in physics, based on the appropriate renormalization of long-range particle contributions. In the 1980s, a celebrated formal calculation by Caflisch and Luke suggested that velocity fluctuations in dimension $d=3$ should diverge with the size of the sedimentation tank, contradicting both intuition and experimental observations. The role of long-range self-organization of suspended particles in form of hyperuniformity was later put forward to explain additional screening of this divergence in steady-state observations. In the present contribution, we develop the first rigorous theory that allows to justify all these formal calculations of the physics literature.