U.S. firm OKs $55M Chinese drywall settlement

NEW ORLEANS (AP) – June 15, 2011 – A Miami-based supplier of tainted Chinese drywall agreed in a court filing Tuesday to a $55 million settlement of claims that the corrosive product damaged homes, all or nearly all of them in Florida.

The proposed settlement, which requires approval from U.S. District Judge Eldon Fallon in New Orleans, would resolve claims by thousands of plaintiffs against Banner Supply Co., several related companies and Banner’s insurers.

Tuesday’s deal covers just a portion of the claims by homeowners who blame drywall for a host of problems, including corrosion of electrical wiring, appliances and electronics. Fallon is presiding over more than 10,000 claims by residents blaming damage to their homes on Chinese drywall, which was used in construction throughout Florida and the Gulf Coast before the housing bubble burst.

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