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Florida Company will Pay $54.5 Million in Drywall Class Action Settlement
Banner Supply Co. reached a settlement with plaintiffs’ attorneys in a class action lawsuit alleging damage from defective drywall from China. The Miami company will pay $54.5 million to Florida homeowners for the drywall that damaged their homes from its high sulfur content. The drywall corroded pipes, caused odors and caused health problems in some homeowners.
China exported the drywall between 2000 and 2009. Builders installed the bulk of the drywall in the wake of Hurricanes Katrina and Rita. Homes in Florida and Louisiana suffered the most damage from the drywall, likely accelerated by the heat and humidity.
A federal judge in New Orleans must approve the settlement before homeowners can receive their money. Attorneys for the plaintiffs are still negotiating settlements with other parties responsible for the drywall and its damage. According to the Sarasota Herald Tribune, Banner Supply is one of at least 95 distributors accused of selling the drywall product.
Unfortunately, the $54.5 million may not be enough to compensate homeowners. The estimated cost of repairing a damaged home from the drywall is approximately $100,000. The settlement works out to about $18,000 to $24,000 for each homeowner.
Contact a Florida class action lawyer if you are a plaintiff in any type of class action lawsuit. A Florida attorney can protect your individual rights and see that you receive the compensation you deserve.