Florida residents whose homes were built by inferior Chinese drywall stand to gain a total of $55 million, but no one can say right now how much any individual homeowner might actually collect.
A federal judge approved a class-action settlement against Banner Supply last week that is expected to cover some 10,000 homeowners’ claims. To date, however, both attorneys and engineers familiar with the case say that they don’t know how many of those homeowners will be reimbursed and by how much.
In the settlement agreement, Banner said there were 1.4 million homeowners where the Chines drywall was used. In North Venice, the number of cases is expected to exceed 9,000 cases. After attorney’s fees and other costs, most homeowners may receive less than $4,000.
Some attorneys are recommending that homeowners should bypass the deal and sue on their own. But other advise that Banner Supply has few assets and even if a homeowner were to be awarded a higher amount, the company might not be able to cover the claim.
Banner is itself suing the German manufacturer of the drywall to recoup the costs of the settlement.
Topics China Homeowners
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