NEW ORLEANS - (Mealey's) Parties in MDL 2047 announced June 14 that a preliminary $55 million settlement has been reached between Florida-based drywall suppliers, their insurers and a proposed class of homeowners whose properties were damaged by tainted Chinese drywall (In re: Chinese-Manufactured Drywall Products Liability Litigation, No. 2:09md02047, E.D. La.).
Under the terms of the proposed settlement, Banner Supply Co., Banner Supply Company Ft. Myers LLC, Banner Supply Company Pompano LLC, Banner Supply Company Tampa LLC, Banner Supply Company Port St. Lucie LLC and Banner Supply International LLC and four of Banner's insurers, Chartis, FCCI Insurance Co., Hanover American Insurance Co. and Maryland Casualty Co., will pay approximately $55 million to affected homeowners in Florida.
The proposed settlement must receive approval from U.S. Judge Eldon E. Fallon of the Eastern District of Louisiana.
The litigation arises from the manufacture, distribution, sale and installation of Chinese drywall in homes, where it allegedly emits foul odors, damages metal and electronic elements and devices and causes various personal injuries to the occupants of the homes.
On June 15, 2009, the Judicial Panel on Multidistrict Litigation transferred all federal actions alleging damages from Chinese-manufactured drywall to the Eastern District of Louisiana. Judge Fallon is presiding over MDL 2047.
[Editor's Note: Full coverage will be in the June 28 issue of Mealey's Litigation Report: Personal Injury. For all of your legal news needs, please visit www.lexisnexis.com/mealeys.]
For more information, call editor Christopher Bauer at 215-988-7722, or e-mail him at email@example.com.
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