NEW ORLEANS, Dec. 15, 2011 /PRNewswire/ — Judge Eldon E. Fallon, United States District Court Judge for the United States District Court, Eastern District of Louisiana, presiding over MDL 2047 In re: Chinese-Manufactured Drywall Products Liability Litigation, advises that the Plaintiffs’ Steering Committee (PSC) and Knauf Plasterboard Tianjin (KPT) today jointly announced a landmark global class action settlement that will help thousands of American homeowners affected by problems with KPT Chinese drywall. This settlement effectively signals an end to the ongoing litigation and class-action lawsuits against KPT and certain of its affiliated companies.

The agreement creates two funds from which plaintiffs may recover: the Remediation Fund and the Other Loss Fund. The Remediation Fund, which is uncapped, will pay costs of the three types of relief the class members can choose from: (i) remediation by Moss & Associates, the contractor for the remediation program established by the parties in October 2010; (ii) self-remediation by a qualified contractor of the homeowner’s choosing; and (iii) a cash out option, in which the homeowner can elect to receive a cash payment. The Other Loss Fund, which is capped, will reimburse for certain provable economic loss and provide a review process for individuals who believe they have bodily injury claims. In addition, attorneys’ fees and costs will be paid.

Arnold Levin, Plaintiffs’ Lead Counsel, stated “We are delighted that thousands of homeowners will have an opportunity to have these Chinese drywall complaints addressed. They will now be able to repair their property, receive compensation and move forward after suffering the effects of Chinese drywall.”

Read the Full Press Release or View the Settlement Announcement