Banner Supply Agrees to Pay $54.4 Million in Chinese Drywall Class Action

This is a settlement for the Chinese Drywall lawsuit.

Miami, FL: A $54.4 Million settlement has been reached in a Chinese drywall lawsuit brought againt Banner Supply by homeowners in the Orlando area. The agreement covers 2,000 to 3,000 homes south of Orlando.

Some 7 million sheets of tainted drywall were imported from China between 2000 and 2009, according to the Consumer Product Safety Commission, most of which was supplied folllowing the devastating Hurricanes Rita and Katrina.

According to Builderonline "at least 95 companies have been implicated as distributors in lawsuits filed against Chinese manufacturers accused of being the source of tainted drywall. Banner Supply tops the list, while others on it include such ProSales 100 companies as L&W Supply, ProBuild, Stock Building Supply, and 84 Lumber. "

While $54.5 million might seem a large settlement, it reportedly works out to between $18,000 and $24,000 for each of the 2,000 to 3,000 homes, however there are estimates which suggest the cost of repairing the affected homes could be as much as $100,000.