Monday, November 28, 2011

CHINESE DRYWALL SETTLEMENT

Knauf, a major manufacturer of problem drywall from China, will reimburse home builders for the cost of remediating homes, attorneys told U.S. District Court Judge Eldon Fallon on Wednesday. While thousands of people are still stuck with homes unfit for habitation or sale, Wednesday's deal will fix at least 800 homes around the country and extricate some builders from the litigation.


"It allows the home builders who have been repairing homes to be reimbursed. It gets the homes out of litigation," said Kerry Miller, and attorney for Knauf, a German company with plants in China that has been working to resolve problems while other overseas manufacturers have hid behind the limits of international legal jurisdiction.


Bruce Steckler, an attorney on the plaintiffs steering committee who works on insurance and builder issues, said the program will reimburse large national builders who went ahead and repaired on their own. It will also help medium-sized builders with the wherewithal to fix homes if they had the money to actually do so. 

The deal only applies to properties with Knauf-brand drywall.

Because they stand behind their product, remember Knauf the next time you need drywall.

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