$55 Million Chinese Drywall Settlement Reached with One Manufacturer

If US District Judge Eldon Fallon of New Orleans approves, Florida homeowners who’ve been plagued with the contaminated Chinese drywall will by paid $55 million by Banner Supply Company. The proposed settlement won’t be final until the Judge approves it and will only settle claims against Banner Supply, not the other Chinese Drywall manufacturers.
According to the Associated Press, “As many as 36,000 homes in Florida may have the Chinese-made drywall. Nationwide, the number may be as high as 60,000 to 100,000. The Environmental Protection Agency released a report in May 2009 confirming health risks in the drywall.”
It’s not clear how many citizens would be eligible to share in the settlement funds. Chinese drywall litigation will continue against the other manufacturers but this is perhaps a hopeful sign.