Settlement reached in Chinese drywall case

NEW ORLEANS (AP) – Nov. 18, 2011 – A settlement outlined Wednesday between a major manufacturer of Chinese-made drywall and homebuilders who used the tainted product in Florida, Texas, Louisiana and Mississippi could affect anywhere from 800 to 1,500 homes, attorneys said.

Lawyers called it a significant step toward resolving problems with some 10,000 buildings blamed on the drywall.

Plaintiffs’ lawyer Bruce Steckler said the settlement with the Knauf Group manufacturer involves reimbursements to builders for homes that have been fixed or are being repaired now, and others that are in line to be remediated. He expects U.S. District Judge Eldon Fallon to approve the settlement.

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