WASHINGTON — Thousands of homeowners affected by defective Chinese drywall have agreed to a settlement up to $1 billion, according to a press release.
The settlement is to be paid by German manufacturer Knauf International, whose Chinese subsidiary was responsible for the tainted product that has been blamed for producing fumes that damaged air conditioning, wiring and fixtures, the release stated.
According to the release, the settlement would allow about 4,500 properties containing drywall made by Knauf Plasterboard Tianjin to be repaired.
The settlement value is about $800 million to $1 billion, but the final cost will depend on the number of homeowners who provide evidence of tainted drywall and the size of the homes, the article noted.
Click here to read the complete release.