$55-Million Dollar Settlement Announced For Homeowners Dealing With Tainted Chinese Drywall
$55-Million is the proposed settlement in a law suit involving corrosive Chinese drywall. WGNO's Vanessa Bolano has the details.

New Orleans Federal Judge Eldon Fallon has his hands full with the multi district toxic Chinese drywall lawsuit. According to the Chinese Drywall Complaint Center instead of 10,000's of homes infected with it,100,000's are, and the case is unfolding in New Orleans Federal Court.

Attorney Ervin A. Gonzalez says, "It looks like the defendants are beginning to be accountable and responsible for their bad acts."

This morning a $55-Million settlement was announced between Banner Supply and plaintiffs. Nearly a year ago the supplier was found liable for knowingly selling defective drywall. Although most of their clients were in Florida. The case means big things for Louisiana homeowners dealing with this mess.

"This is the largest settlement case to date, but it will not be the largest settlement by the time we're done," says Gonzalez.

Attorney Russ Herman says, "This is the third settlement being announced, so it means a great deal. It means we're making progress. We're not at the top of the ladder yet, but we're going to get there."

It's progress Penny Alexander hopes to see soon. She moved out of her home over a year ago, but the corrosive Chinese drywall is still in there, and what's worse is she's paying her mortgage every month, but can't even enjoy her home.

Back in October of 2010 Alexander told WGNO News, "I've lost so much; the refrigerator, the air conditioner, three televisions, ceiling fans. I've lost a lot."

"These are people that own their homes, many of them veterans, mostly middle class folks who have worked hard all of their lives and now see that their home, their castles, are being destroyed and they're completely innocent," says Herman.

Attorneys say three other settlements are currently in the works. Litigation on the tainted Chinese drywall began two years ago.

The $55-Million settlement is still pending court approval.