Contractor Seeks to End Chinese Drywall Suit with Request to Approve $7.2 Million Settlement

NEW ORLEANS — More than $7 million will be earmarked to fund remediation of 267 condominium units built with Chinese drywall if a settlement agreement filed recently in Louisiana gains the approval of a federal judge there.

In a motion seeking preliminary approval of the deal filed April 8 in U.S. District Court for the Eastern District of Louisiana, plaintiffs and Coastal Construction of South Florida said they have reached an agreement to resolve a class action filed three years ago over drywall-related damage to a Florida condominium.

Coastal was sued for its role in the construction of the Residences …