Posted: Jul 14, 2011 2:28 PM
Source: Associated Press
NEW ORLEANS - A proposed $55 million settlement of claims against a Miami-based supplier of tainted Chinese drywall has been granted preliminary approval by a federal judge in New Orleans, but it is far from a done deal.
U.S. District Judge Eldon Fallon's approval on Thursday sets the stage for more hearings and filings. Some homeowners and installers of the tainted drywall oppose the settlement, which was announced in June.
If it is ultimately approved, the settlement would resolve claims by thousands of plaintiffs against Banner Supply Co. and Banner's insurers. All or most of the Banner cases are in Florida. Some opponents have scheduled a news conference for Friday in Coral Gables, Fla.
Fallon is presiding over more than 10,000 claims involving damage to buildings blamed on defective Chinese-made drywall.