This past week a settlement was announced in a class action lawsuit regarding Chinese Dry Wall. The agreement needs final approval which should come next year and provides cash settlements or payments to replace and/or repair affected homes.
This is an uncapped fund that will repair up to 4500 homes in the States of Florida, Louisiana, Mississippi and Alabama. A 2nd fund will be set up to pay for related losses such as health problems stemming from living in an affected home. Chinese dry wall can create a foul odor in a home and the sulfur fumes can corrode wiring and metal pipes. Ailments can include headaches and itchy skin.
This settlement is with the Knauf Plasterbox Tianjin which is an affiliate of the German company Knauf GIPSKS and could be valued at between $800 million and $1 billion.
55% of the homes affected are in Florida and 35% are in Louisiana.
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