Advise & Consult, Inc. – December 16, 2011<\/p>\n
For some of those people who have suffered for years in the Chinese drywall aftermath, Knauf Plasterboard Tianjin is trying to make it right with them. \u00a0Unlike many of their counterparts who are ducking the\u00a0responsibility they have with those who\u00a0used their toxic and defective drywall, Knauf Plasterboard has reached a significant settlement to provide relief to those that have used their product.<\/p>\n
Announced this week by the U.S. District Court Judge Eldon Fallon, the settlement will repair approximately 4500 homes, mostly in the Gulf Coast region that was affected by Hurricane Katrina. \u00a0The deal is estimated to be worth $800 million to $1 billion, and is based on the number of homes, average size and cost to repair. \u00a0Knauf attorneys say that the total amount depends on how many homeowners can prove that they have Knauf produced drywall.<\/p>\n
The settlement does not only provide money to repair the homes, but also enables relief to those that have suffered foreclosures and short sales. \u00a0Knauf has also set aside money to help cover health related problems, although according to their attorney Steven Glickstein, there is no evidence that the defective drywall has resulted in personal injuries.<\/p>\n
After years of \u00a0litigation and wondering what will happen, those affected by this settlement will still have to wait until at least late summer to see any money. \u00a0Lawsuits and settlements with Banner Supply of Florida and Interior\/Exterior Building Supply of New Orleans as well as their insurers still need to be sorted out as their money will also go into this pot.<\/p>\n
Those property owners that used other Chinese drywall brands are not affected by this settlement. \u00a0More than two dozen, mostly foreign, defective drywall manufacturers have their product spread across the United States and are not under United States jurisdiction and have thus far not been willing to step up like Knauf and take responsibility for their defective product. \u00a0This will likely cause an even more sour taste, if that is even possible, for those who have suffered for years, but this may also be a sign to remain hopeful. \u00a0As Knauf attorney and defendants liaison counsel Kerry Miller states, if his clients settled, others may as well.<\/p>\n
It is unfortunate that Chinese drywall has had such a long and deep affect on the already shaky housing market, but it is also commendable that Knauf Plasterboard has stepped up and is doing the right thing. \u00a0Now if the other manufacturers will start doing the same and bring more relief to those affected by this drywall matter.<\/p>\n","protected":false},"excerpt":{"rendered":"