Settlement Reached with Local Supplier of Chinese Drywall

New Orleans, LA: a settlement agreement has been reached between the Plaintiffs in the multi-district litigation (MDL 2047) and a local supplier of tainted Chinese drywall, Interior/Exterior Building Supply, L.P. and the company's two primary insurers.

A class action settlement has been reached, which is still subject to court approval under the terms of the agreement. The primary insurers will put up the limits of their insurance policies for Interior/Exterior, a regional supplier for Knauf's Chinese Drywall in Texas, Louisiana, Mississippi and Alabama.

It is estimated that between 60,000 – 100,000 homes were built using defective Chinese Drywall between 2004 and 2008 throughout the country. The defective drywall has been associated with unpleasant and potentially harmful odors and fumes that corrode metals, including air conditioning units, fixtures and other appliances.

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Published on Apr-26-11