MDL Judge Releases Order Preliminarily Approving Banner Settlement

NEW ORLEANS - Chinese Drywall MDL Judge Eldon E. Fallon released an order Aug. 11, preliminarily approving Banner Supply Co.'s $53 million global settlement, assigning an allocation committee to make recommendations on distribution of the funds. In re: Chinese-Manufactured Drywall Products Liability Litigation, MDL No. 2047 (E.D. La.).

The order, which followed Judge Fallon's announcement from the bench in July that he would grant initial approval of the deal, also conditionally certifies a nationwide settlement class for those with claims against Banner.

Banner's insurers will fund the $53.08 million in remaining proceeds that are available under policies that cover the …