Approval Sought for $15.7 Million Settlement of Virginia Chinese Drywall Claims

NEW ORLEANS — Counsel for a proposed class of Virginia residents whose homes were damaged by Chinese drywall have filed a motion for preliminary approval of a $15.7 million settlement that will resolve the majority of their claims.

The request, made Oct. 19 in the U.S. District Court for the Eastern District of Louisiana, includes details of three separate agreements that have been reached with three insurers that provided coverage to approximately 40 defendants allegedly responsible for drywall-related damage to the plaintiffs’ homes.

The settlements are the byproduct of months of negotiations that gained traction in March 2012, when the …