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|$80M Chinese Drywall Class Action Settlement Reached|
- Friday, 20 July 2012 08:35
$80M Chinese Drywall Class Action Settlement Reached
By Matt O'Donnell
UPDATE 6/12/13: Consumers who want to participate in the Chinese Drywall Settlement Program must now register their claims before they will be allowed to file a claim. The deadline to register a claim is June 24, 2013. The deadline to file a Claim Form is August 26, 2013. Click here for more details on how to register and file your claim.
An $80 million class action lawsuit settlement may help homeowners suing over the tainted Chinese drywall in their homes. It is the fifth settlement reached in the massive Chinese drywall class action lawsuit MDL that consolidated 11 cases against Chinese drywall makers, importers, exporters, homebuilders, developers, drywall suppliers, insurers and others over extensive property damage home owners suffered due to defective Chinese drywall. Homeowners want the Defendants to pay for the defective Chinese drywall, which released noxious sulfuric fumes and damaged their homes by corroding the plumping, electrical wiring and appliances.
On May 18, 2012, a Global class action lawsuit settlement was reached in the case and submitted for Court approval. The $80 million Global Chinese drywall settlement will cover a Class consisting of all persons or entities, along with their heirs, representatives, attorneys, executors, administrators, executives, subsequent purchasers, residents, guests, tenants, lenders, successors and assigns, with claims, known or unknown, arising from or related to actual or alleged Chinese drywall purchased, imported, supplied, distributed, marketed, installed, used, sold or in any way alleged to be within the legal responsibility of any participating Defendant.
You can tell your home has Chinese drywall because it will have a stamp on the back of it, marking “Made in China” or “Knauf/Tianjin.” Pictures of of Chinese drywall can be found at www.ChineseDrywallClass.com.
The Global Chinese drywall class action settlement is designed to operate in conjunction with the Knauf class action settlement, which covers homeowners with defective KPT Chinese drywall. The Court preliminarily approved the Knauf KPT Chinese drywall settlement on January 10, 2012. If the Knauf settlement receives final approval by the Court, it may provide benefits to repair properties affected by KPT Chinese drywall and compensation for a variety of related claims, including alternative living expenses, lost use, sales and rentals, foreclosures, short sales, tenant losses and bodily injury.
Details on how to file a claim for the Knauf KPT Chinese drywall settlement and Global settlement will be released once the settlements receive final approval. If you received a Settlement Notice in the mail without requesting it, you are already registered to receive notifications about developments in the class action settlement, including when a claims process is available. If you did not receive a Settlement Notice in the mail without requesting it and believe you are a Class Member, you may register to receive further notices at www.ChineseDrywallClass.com.
A Joint Fairness Hearing on the class action lawsuit settlements will be held November 13, 2012. Class Members have until September 28, 2012 to opt out if they don’t want to be bound by the terms of the settlement. If you opt out, however, you will not be able to receive compensation from the class action settlement, and will have to pursue compensation through your own lawyer.
More information on your rights in the Chinese Drywall Class Action Settlement can be found at www.ChineseDrywallClass.com.
Keep checking Top Class Actions or sign up for our newsletter for updated information on when the Chinese drywall settlement claims filing process begins.
Updated June 12th, 2013
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Last Updated on Wednesday, 12 June 2013 10:48