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NEW ORLEANS — A Chinese drywall manufacture has agreed to pay hundreds of millions of dollars to settle court claims by thousands of Gulf Coast property owners who blame the product for damaging their homes.
A settlement announced Thursday by U.S. District Judge Eldon Fallon calls for Knauf Plasterboard Tianjin Co. to create an uncapped fund to pay for repairs for an estimated in 4,500 homes mostly in Florida, Louisiana, Mississippi and Alabama.
Russ Herman, lead attorney for the plaintiffs, said the estimated value of the settlement is between $800 million and $1 billion. Herman said 55 percent of the people who would benefit from the settlement live in Florida and 35 percent in Louisiana.
Fallon must sign-off on the settlement before any money is distributed.