Knauf, PSC Announce Global Deal With Homeowners That Could be Worth $1 Billion

NEW ORLEANS - Knauf Plasterboard (Tianjin) Co. and the Chinese Drywall MDL's Plaintiffs Steering Committee announced today that they have reached a settlement with homeowners that is expected to be worth between $800 million and $1 billion. In Re: Chinese-Manufactured Drywall Products Liability Litigation, MDL No. 2047 (E.D. La.).

The deal, which was announced during a regularly scheduled status conference in U.S. District Court for the Eastern District of Louisiana, would provide relief to approximately 4,500 homeowners whose residences contain Knauf-manufactured wallboard, according to a statement issued by the PSC.

The PSC said that the proposed class action settlement is …