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Under the terms of the proposed settlement, which still must receive approval from the US District Court, Banner’s four insurers will pay approximately US$55m (£33.7m) to affected homeowners in Florida.
In June of 2010, a Miami couple was awarded US$2.5 million in damages in the nation's first Chinese drywall jury trial against Banner. Jurors found Banner Supply Company liable for knowingly selling the defective drywall used in Armin and Lisa Seifart’s US$1.6 million home.
Law firm Colson Hicks Eidson said that it is estimated that between 60,000 and 100,000 homes were built using defective Chinese drywall from a number of suppliers between 2004 and 2008 throughout the country. The defective drywall has been associated with unpleasant and potentially harmful odors and fumes that corrode metals, including air conditioning units, fixtures and other appliances. Many homeowners have had to leave their homes. “This settlement is a first step in bringing some relief to Florida homeowners who have had to deal with so much as a result of this defective product,” said Ervin A Gonzalez, a member of the steering committee for the homeowner victims and a partner at the law firm of Colson Hicks Eidson in Miami-Dade County Florida, USA.
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