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Proposed Settlement Could Assist 4,500 Homeowners with Defective Drywall
NEW ORLEANS (December 15, 2011) – Baron and Budd was part of the team that helped negotiate a landmark Chinese drywall settlement with KNAUF Plasterboard Tianjin (KPT), one of the largest manufacturers in the Chinese drywall litigation. The settlement comes as a result of 18 months of careful negotiation between the Plaintiffs’ Steering Committee (PSC) and KNAUF, and aims to help thousands of families suffering from defective Chinese drywall, which has been linked to corrosion of metal components and possible serious health issues. The total value of the settlement is estimated to be from $800 million to $1 billion.
The proposed settlement will enable approximately 4,500 homeowners suffering from toxic Chinese drywall supplied by KPT to receive assistance. The settlement will create two funds for potential compensation. The first fund, which is unlimited, will address the costs of removal and replacement of the KPT drywall in accordance with the previous Pilot Program or through self-remediation. The second fund, which is capped, will reimburse homeowners for certain other economic losses associated with the drywall and provide a review process for people who may have suffered health issues from the drywall.
The settlement is currently pending final approval by the court. A preliminary approval hearing is set for Jan. 4.
Steckler is one of only a handful of attorneys nationwide who serves on the PSC in the Chinese drywall multi-district litigation. He also represents the WCI Trust in its Chinese drywall claims and oversees the lawsuits of nearly 1000 homeowners affected by the defective drywall.
Chinese drywall was imported into the U.S. between 2001 and 2006 after a Gulf-area housing boom resulted in a shortage of American-made building materials. The toxic drywall has been linked to serious property issues, such as corrosion of metal components and appliances, and even health issues, including headaches, bloody noses and difficulty breathing. States of particular concern include Florida, Louisiana, Mississippi, Alabama, Texas, Nevada, California, Virginia and South Carolina.
The law firm of Baron & Budd, P.C., with offices in Dallas, Baton Rouge, Austin, Los Angeles and Miami, is a nationally recognized law firm with a 30-year history of "Protecting What’s Right" for people, communities and businesses harmed by negligence. Baron & Budd’s size and resources enable the firm to take on large and complex cases. The firm represents individuals, governmental and business entities in areas as diverse as water contamination, Gulf oil spill, Qui Tam, California Proposition 65 violations, dangerous medications and medical devices, Chinese drywall, insurance claims, commercial litigation, consumer fraud, securities fraud and asbestos-related illnesses such as mesothelioma. Learn more about the mesothelioma attorneys at Baron & Budd.