Lennar SEC Filing Says It Has $40 Million Reserved for Chinese Drywall

MIAMI - Homebuilder Lennar Corp. announced July 10 that is has put aside nearly $40 million to repair some 400 homes in Florida that have been identified as having Chinese drywall and resulting damage.

The company made the announcement in a quarterly filing with the Securities and Exchange Committee, adding that as of May 31, it had not identified any Lennar homes outside of Florida that were built with defective drywall.

"Defective Chinese drywall appears to be an industry-wide issue as other homebuilders have publicly disclosed that they are experiencing similar issues with defective Chinese drywall," Lennar says in the …