A federal judge has approved five class-action settlements that call for a Chinese drywall manufacturer and others to pay hundreds of millions of dollars to repair homes damaged by the product. U.S. District Judge Eldon Fallon in New Orleans last month approved the settlements with manufacturers, builders, suppliers and installers of the drywall and their various insurers. The settlements are estimated to be in excess of $1 billion, most of which will be paid by Knauf Plasterboard Tianjin Co. Chinese drywall was used in the construction of homes, mainly in the South, after a series of destructive hurricanes in 2005. The problems it has caused range from a foul odor to corrosion of pipes and wiring. Arnold Levin, a New Orleans lawyer, represented the Plaintiffs in this case. He did a very good job in a very difficult and complex case.
Source: Associated Press
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