Fla. Condominium Builder Submits $4.8 Million Plan to Settle Drywall Claims

NEW ORLEANS - Builder RCR Holdings II is seeking preliminary approval of a $4.8 million settlement of claims by Florida condominium owners who sued the company after discovering that their residences were built with Chinese drywall. Hobbie, et al. v. RCR Holdings II LLC, et al., No. 10-1113 (E.D. La.).

In a motion for preliminary approval of the settlement filed May 14 in U.S. District Court for the Eastern District of Louisiana, RCR says that settling the claims now would prevent delay in the plaintiffs' recovery and preserve resources that would become increasingly limited if the case went to trial.