Wednesday, June 22, 2011

Chinese drywall firm to pay $55 M

JUNE 2011
A Miami-based supplier of tainted Chinese drywall has agreed to a $55 million settlement of claims that the product damaged homes, almost all located in Florida.
The proposed settlement, which requires judicial approval would resolve claims by thousands of plaintiffs against Banner Supply Co., several related companies and Banner’s insurers.
Banner bought 1.4 million sheets of drywall which was manufactured by Knauf Plasterboard Tianjin Co.