Major Settlement in Chinese Drywall Litigation
A major settlement in Chinese drywall litigation was reached Thursday.

A federal judge in New Orleans approved an agreement among home owners, importers, manufacturers, and distributors of Knauf Plasterboard Tianjin (KPT) Chinese drywall.

KPT agreed to remove and replace KPT drywall, as well as all the electrical wiring, gas tubing and appliances from 300 homes in four states, Alabama, Mississippi, Louisiana, and Florida. They also agreed to relocate residents while the repairs are made. Cost of remediation is estimated to be $40 to $80 per square foot, including relocation.

The agreement is expected to provide a model for settling thousands of other suits in courts across the U.S.

Source: The Wall Street Journal, M.P. McQueen (10/14/2010)