Chinese Drywall Suit Settlement Reached
December 15th, 2011
Knauf Plasterboard Tianjin Co. has agreed to pay hundreds of millions of dollars to settle claims by thousands of Gulf Coast property owners. These owners claim the product damaged their homes.
On Thursday, U.S. District Judge Eldon Fallon in New Orleans announced the settlement. The settlement calls for Knauf to create an uncapped fund to pay for repairs for an estimated 4,500 homes in Florida, Louisiana, Mississippi and Alabama. Judge Fallon must sign-off on the settlement before any money is distributed. The estimated value of the settlement is between $800 million and $1 billion.
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