One of the largest Florida suppliers of tainted drywall has reached a preliminary settlement with a group of plaintiffs, counsels for the parties announced June 15.
The insurers of Banner Supply Co. and its various subsidiaries have agreed to pay $55 million to homeowners in Florida who claim their homes were built with contaminated Chinese drywall.
One of the plaintiffs' attorneys, Russ Herman of New Orleans, said that attorneys for the plaintiffs "continue to engage in negotiations with other responsible parties, and [they] expect other settlement developments within the next 60 days. This is an ongoing process to secure complete relief for affected homeowners."
Michael Peterson, Banner's counsel, of the firm Peterson and Espino of Miami, said, "Our business has thrived for over 58 years because our customers have trusted us. We are settling this matter to bring a resolution for our customers and to allow the homeowners to fix their homes. We r