Potential Settlement of a Chinese Drywall Case

Per today’s Tampa Tribune Online:

"A Miami-based supplier of tainted Chinese drywall agreed in a court filing today to a $55 million settlement of claims that the corrosive product damaged homes, all or nearly all of them in Florida.

The proposed settlement, which requires approval from U.S. District Judge Eldon Fallon in New Orleans, would resolve claims by thousands of plaintiffs against Banner Supply Co., several related companies and Banner’s insurers."  

The full article can be found here.  

As noted in the article, the deal still has to be approved by the court and until that happens all of this is tentative.  However, this may be a good step in these cases being resolved and homeowners being able to recoup some of their damages.  Obviously this is not the end of this legal chase as the parties making payment will be seeking to recover from the suppliers of the chinese drywall.  Although settlement of this one case does not directly impact other pending chinese drywall cases there may be greater desire to settle on the part of builders, suppliers and their insurance carriers