REAL ESTATE

Banner Supply agrees to $54 million Chinese drywall settlement

 

Sun-Sentinel

Banner Supply Co., the Miami-based firm that supplied the vast majority of Chinese drywall in Florida, has agreed to pay $54 million to settle claims.

Later this year, the money will be distributed among Florida homeowners with tainted drywall supplied by Banner, according to Allison Grant, a Boca Raton lawyer representing nearly 1,000 drywall clients in Florida.

Builders that already have fixed properties also may expect to be compensated, Grant said Tuesday.

“This is huge news,” she said. “We’re well on our way to resolving these claims.”

The $54 million isn't enough to cover all the homeowners supplied by Banner, but plaintiffs lawyers are hoping other suppliers, installers and builders eventually will contribute money as well, Grant said.

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.

Bloomberg News contributed.

Read more Real Estate News stories from the Miami Herald

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category