Drywall settlement of $8M reached

A Chinese drywall supplier’s insurers have agreed to pay up to $8 million to settle court claims against the company over damage to homes from the corrosive product, according to a proposed settlement filed Tuesday.

U.S. District Judge Eldon Fallon in New Orleans must approve the deal between plaintiffs’ attorneys, Interior/Exterior Building Supply and two of its three insurers.

The settlement would cover just a share of thousands of claims from homeowners claiming the drywall caused problems ranging from foul odors to corrosion of electrical wiring, appliances and electronics.

AP
4/27/11