Insurers Pay $13M To Settle Chinese Drywall Claims

Law360, New York (June 20, 2012, 8:34 PM EDT) -- Two insurers of Chinese drywall importers, including Norfolk, Va.-based Venture Supply Inc., on Wednesday agreed to pay $13 million to settle claims from Virginia homeowners in the massive product liability multidistrict litigation in Louisiana federal court over the allegedly defective drywall.

The Hanover Insurance Group Inc. and Nationwide Mutual Insurance Co. agreed to settle claims brought by a class of Virginia homeowners that could number more than 200 families, according to plaintiffs' attorney Richard Serpe.

Serpe said it's likely that the settlement fund will increase, as...
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