Knauf Settles Chinese Drywall Claims For Up To $1B

Law360, New York (December 15, 2011, 1:16 PM EST) -- The plaintiffs in Louisiana-based multidistrict litigation over faulty Chinese drywall announced Thursday that Knauf Plasterboard Tianjin has agreed to pay for remediation and personal injury claims in a settlement worth between $800 million and $1 billion.

The settlement, which must be approved by the federal court overseeing the MDL, would be paid by KPT's German parent company, Knauf, and would cover remediation at about 4,500 homes, according to an attorney for the plaintiffs steering committee. It would also pay for claims of personal injury and equity...
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