Chinese Drywall Manufacturer Reaches Settlement with Homeowners

A Chinese drywall manufacturer has agreed to settle court claims Thursday by South Florida homeowners who blame the product for damaging their homes.
   
A settlement announced by U.S. District Judge Eldon Fallon calls for Knauf Plasterboard Tianjin Co.to create an uncapped fund to pay for repairs for an estimated in 4,500 homes, mostly in Florida, Louisiana, Mississippi and Alabama.

    The settlement is between $600 million and $1 billion and will cover the costs to repair all of the houses affected, according to a lawyer for the South Florida class-action lawsuit, Ervin Gonzalez.

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