A settlement was reached last week for some of the homeowners who filed suit against a Chinese manufacturers over faulty drywall, according to reports by the Wall Street Journal and the New York Times. A New Orleans federal judge signed off on the settlement, in which Knauf Plasterboard Tianjin Company agreed to pay repair and relocation costs for 300 homeowners in Florida, Louisiana, Mississippi and Alabama. Interior Exterior Building Supply, a Louisiana-based drywall supplier, plus several homebuilders and insurance companies, also will help pay the costs.
The settlement applies to just a portion of the over 3,000 homeowners who filed suit against Knauf, claiming that the drywell produced sulfur odors and corroded pipes and electrical wiring. The pilot program created by this settlement could serve as a model for a larger settlement with the remaining homeowners.
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