Approximately 500 million pounds of potentially toxic Chinese drywall were imported into the United States between 2004 and 2008. That’s enough to build nearly 100,000 homes!

Homes built with faulty Chinese Drywall have a distinct “rotten egg” type odor which is emitted from the drywall and can corrode and damage your air conditioner, appliances, and cause health problems.

According to court documents and a statement, a Florida-based drywall supplier and its insurers have reached a preliminary $55 million verdict with hundreds of Florida homeowners, whose homes were damaged by Chinese drywall.

Miami-based Banner Supply Co.’s insurers—Chartis, FCCI Insurance Co., Hanover American Insurance Co. and Maryland Casualty Co.—will pay the award to affected homeowners.

The settlement still needs approval from U.S. District Court Judge Eldon E. Fallon in New Orleans. Judge Fallon is handling all ongoing drywall cases.

“We are settling this matter to bring a resolution for our customers and to allow the homeowners to fix their homes,” says Michael Paterson, attorney on behalf of Banner Supply Co. “We regret that this could not have been achieved sooner, but Banner recognizes that prolonged litigation would not have accomplished this goal.”

In the same dual announcement, Chartis said it is “pleased this settlement resolves this particular matter.”

Whether you are located in South Carolina, North Carolina, Virginia, Georgia, Florida, Texas, Louisiana or anywhere else within the United States, if you have experienced or noticed any of the signs or symptoms above, contact The Strom Law Firm, LLC today for a no cost consultation with a Chinese Drywall attorney today.  803.252.4800