Insurers to Pay $55 Million to Settle Banner Supply Co. Chinese Drywall Claims

NEW ORLEANS - Parties in the Chinese drywall litigation announced June 14 that several insurers will pay approximately $55 million to settle drywall-related damage claims asserted against Banner Supply Co. and its affiliates. In Re: Chinese-Manufactured Drywall Products Liability Litigation, MDL No. 2047 (E.D. La.).

Insurers Chartis, FCCI Insurance Co., Hanover American Insurance Co. and Maryland Casualty Co. will participate in funding the settlement, which must receive approval from U.S. District Court Judge Eldon E. Fallon, who is overseeing the Chinese Drywall MDL in the Eastern District of Louisiana, according to a statement and motion for preliminary approval of the …