NEW ORLEANS (AP) — A Chinese drywall supplier's insurers have agreed to pay up to $8 million to settle court claims against the company over damage to homes from the corrosive product, according to a proposed settlement filed Tuesday.
U.S. District Judge Eldon Fallon in New Orleans must approve the deal between plaintiffs' attorneys, Interior/Exterior Building Supply and two of its three insurers. The settlement would cover just a share of thousands of claims from homeowners claiming the drywall caused problems ranging from foul odors to corrosion of electrical wiring, appliances and electronics.
Interior/Exterior supplied drywall made by two Chinese companies — Knauf Plasterboard Tianjin Co. and Taishan Gypsum Co. — to builders in Texas, Louisiana, Mississippi, and Alabama.
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