Chinese drywall settlement reached
Source: PR Newswire
NEW ORLEANS — The Plaintiffs’ Steering Committee in the Chinese Drywall multi-district litigation and Knauf Plasterboard Tianjin (KPT) today announced a breakthrough settlement to remediate homes impacted by KPT’s drywall.
The agreement establishes a demonstration remediation program, funded by KPT and a number of builders, drywall suppliers and their insurers.
The program includes the removal of the problem drywall from up to 300 homes in Alabama, Mississippi, Louisiana and Florida.
Among the participating builders, suppliers and insurers are Interior/Exterior Building Supply, the Louisiana Homebuilders Indemnity Trust, QBE Insurance Group and State Farm Insurance. The Louisiana-based supplier Interior/Exterior Building Supply was an integral component in reaching this agreement and the company has agreed to help fund this pilot program. Other Knauf entities are signatories to and participants in the agreement.
Under the agreement, KPT will retain and supervise contractors to do the work on a cost-effective basis. The completed homes will be inspected by environmental engineers, who will certify to the homeowner that their home is free of problem drywall odors and contamination.
The members of the Plaintiffs’ Steering Committee involved in negotiating the agreement were Russ M. Herman of Herman, Herman, Katz & Cotlar, L.L.P., Arnold Levin of Levin Fishbein Sedran & Berman, and Christopher A. Seeger of Seeger Weiss, L.L.P.
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