Motion Filed for Approval of Interior Exterior Global Settlement Agreement

NEW ORLEANS - A joint motion has been filed in the Chinese Drywall MDL seeking approval of a global settlement agreement between Interior Exterior Building Supply, its insurers and plaintiffs in numerous federal class actions pending on the coordinated docket. In Re: Chinese-Manufactured Drywall Products Liability Litigation, MDL No. 2047 (E.D. La.).

The motion was filed April 26 in U.S. District Court for the Eastern District of Louisiana and includes an initial payment from insurance proceeds of $8 million to cover claims that Interior Exterior supplied defective drywall to builders in Louisiana, Mississippi, Texas and Alabama. In addition to seeking …