December 16, 2011
U.S. District Judge Eldon Fallon has announced a settlement agreement with the German manufacturer Knauf Plasterboard Tianjin Co., which means that thousands of Gulf Coast homeowners will be able to have their homes repaired.
According to the
Herald-Tribune, the settlement agreement calls for an uncapped fund to pay for the repairs of 4,500 properties mostly in Florida, Louisiana, Mississippi, and Alabama.
Their will be a separate fund set aside for $30 million which will pay for other losses which include toxic Chinese drywall related health problems.
ABC News reports that homeowners will have the option of:
- having the settlement's appointed contractor to repair their home
- hiring their own credible contractor or
- taking a cash payment
A $200 million deposit will be placed into a repairs fund, which will be replenished as needed. Attorney's fees and costs will be capped at $160 million and will not come out of the homeowners' portion of their settlement.
The Knauf Chinese drywall settlement will not go into effect until the deal is approved and signed by Judge Fallon. The approval of the deal could happen as early as January, however it may still be several months before the money reaches homeowners.
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