Banner, Insurers To Settle Drywall MDL For $55M

Law360, New York (June 14, 2011, 12:37 PM EDT) -- Drywall supplier Banner Supply Co., several affiliates and their insurers have reached a preliminary $55 million settlement in a multidistrict litigation in Louisiana in which Florida homeowners claim damages from corrosive Chinese drywall, parties involved in the resolution announced Tuesday.

Under the terms of the proposed deal, four of Banner's insurers — Chartis, FCCI Insurance Co., Hanover American Insurance Co. and Maryland Casualty Co. — will fund that settlement amount for affected homeowners in Florida. The agreement still requires court approval.

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