Federal Judge Urged To Approve Drywall Settlements
There are thousands of residents who live up and down the Gulf Coast who sued over bad drywall that was installed over Hurricanes Rita and Katrina. The faulty drywall meant that thousands of properties had to have the drywall replaced. Now lawyers for those who have filed a class-action suit are wanting the judge to settle.
U.S. District Judge Eldon Fallon in New Orleans will hold a hearing next Tuesday to go over the issues. He will be tasked with trying to figure out if the deal is fair.
There are five separate but related settlement agreements between lawyers and the makers of the drywall.
Plaintiffs' attorney Arnold Levin said, "the settlements are worth an estimated $1.1 billion. Most of that would be paid by Chinese drywall manufacturer Knauf. About 5,200 property owners would get money as part of the settlement.