U.S. District Judge Eldon Fallon has given his preliminary approval to the settlement that calls for a Chinese drywall manufacturer to pay hundreds of millions of dollars to resolve court claims by thousands of Gulf Coast property owners who say the product wrecked their homes. In his order, Judge Fallon said that he believes the proposed settlement to be “fair, reasonable and adequate.”
Knauf Plasterboard Tianjin Co. agreed in December to create an uncapped fund to pay for repairing roughly 4,500 properties, mostly in Florida, Louisiana, Mississippi and Alabama. The settlement also would create a separate fund capped at $30 million to pay for other types of losses, including those blaming drywall for health problems. Judge Fallon will hold a “fairness hearing” on the settlement agreement before giving his final approval.
Source: Montgomery Advertiser
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