Chinese Drywall Manufacturer Settles With Homeowners
Knauf Plasterboard Tianjin, a manufacturer of Chinese drywall, has agreed to fund repairs of 4,500 homes ruined by its corrosive product. In the settlement, announced by U.S. District Court Judge Eldon Fallon, Knauf Plasterboard Tianjin agreed to pay hundreds of millions of dollars to repair the homes, which are mostly along the Gulf Coast. The settlement will pay the full cost of repairing homes and sets aside money to cover losses such as foreclosures or short sales, reports the New Orleans Times-Picayune.
While the settlement helps many homeowners - others are not so fortunate. Those whose homes were built with other brands of drywall must still wait for pending lawsuits to be settled or possible remediation for the federal government. Foreign manufacturers that don't otherwise have a presence in the United States aren't bound by the jurisdiction of U.S. courts, and most have ducked the litigation, leaving many homeowners without recourse.
For more information visit the Consumer Product Safety Commission's website on Chinese Drywall.
