Chinese Drywall Cases are being settled in some of the states and perhaps more are to come.
Millions of tons of Chinese drywall, or gypsum board, were imported into the U.S. from about 2004 through 2007 when a shortage developed after record hurricane seasons at the height of the building boom. Judge awarded $2.6 million in settlement of one case.
According to another WSJ article on 8-10-2010, Lowes reached a $2.2 million settlement agreement with a multi-state (Georgia, Florida, Louisiana, and Arizona) settlement for defective Chinese drywall (even though Lowe claimed not due to laws or drywall was determined defective)…The settlement is supposed to begin within the net 30 days and all claims settled within 6 months (180 days) from the start date.
10-19-2010 Update: 10-15-2010 WSJ – A5 – A New Orleans Federal Judge adjudicated a settlement in this case that may be applied in about 40 states that now have related litigation. Knauf Pkasterboard Tianjin (KPT) agreed to replace all their drywall, all electrical wiring, gas tubing and appliances in about 300 homes in four states over the next several months at an estimated cost of $40-80 per square foot. Note: German based Knauf Gips KG is also involved.