Plaintiffs, Builders Mutual Reach $1.7 Million Settlement of Virginia Chinese Drywall Claims

NEW ORLEANS — Chinese drywall plaintiffs, Builders Mutual Insurance Co. and its insureds have filed a motion for preliminary approval of a settlement that would add $1.7 million to three other agreements to resolve claims involving drywall-related damage to properties in Virginia.

Terms of the settlement were unveiled Dec. 26 in a filing in U.S. District Court for the Eastern District of Louisiana, bringing the combined fund created by the four agreements to $17.4 million.

According to the filing, a Builders Mutual Insured Settlement Class would be established to include several hundred homes in Virginia that contain drywall manufactured by …