Chinese Drywall Cases Partially Settled by Supplier InEx
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Interior/Exterior Building Supply Ltd. of Louisiana agreed to pay $8 million cash and assign $72 million in insurance rights to resolve claims by thousands of U.S. property owners whose homes were ruined by defective Chinese drywall.
Terms of the proposed settlement were set out in papers filed today in federal court in New Orleans, where thousands of claims over corrosive drywall made in China have been consolidated before U.S. District Judge Eldon Fallon.