Homeowners in Florida share $55 million settlement of tainted Chinese drywall lawsuit

According to court documents, hundreds of homeowners in Florida will now be sharing $55 million from a settlement of a tainted Chinese drywall lawsuit, which accused the global distributor of the product of lying about its safety.  Banner Supply Co., as well as its insurers and affiliates will be funding the settlement to the homeowners.  According to the attorney for the plaintiff’s spokesperson, the settlement money will be shared among 500 to 800 homes which had received their drywall from the company.  The insurance companies involved are Hanover American Insurance…

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Recent ruling sets presidence for future drywall lawsuits

A recent ruling by a Florida judge may set precedence for other possible lawsuits. A Florida couple sued their home insurer for refusing to pay for repairs needed after contaminated drywall used to build their home ruined electrical wiring, air conditioner coils and pipes.  The insurance company, based in Springfield Illinois, argued that the damages weren’t covered due to the “wear and tear” clause, and the “defective materials” clause. The judge deemed that the drywall material wasn’t defective because it could serve its function. However, because the drywall material also…

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