Banner Supply Co., the Miami-based firm that supplied the vast majority of Chinese drywall in Florida, has agreed to pay $55 million to settle claims.
To be eligible for the settlement, Florida homeowners must be part of a nationwide lawsuit in Louisiana and have had their tainted drywall supplied by Banner. It’s still unclear whether eligible homeowners will receive money directly or have their homes fixed.
The $54 million isn’t enough to cover all the homeowners supplied by Banner, but plaintiff’s lawyers are hoping other suppliers, installers and builders eventually will contribute money as well.
Hundreds of homes in Broward and Palm Beach counties are thought to contain Chinese drywall, which was imported to Florida and the Southeast during the housing boom and following a series of hurricanes.
The defective wallboard corrodes wiring, copper pipes , appliances and metals and emits a “rotten egg” odor. Some homeowners blame the drywall for nosebleeds, respiratory problems and other symptoms, but the federal government has yet to link it to any health risk.
The Law Offices of Wolf & Pravato, P.A. represent many families that own homes that were built with the defective Chinese drywall.