Miami Real Estate: Miami Company Agrees To Settlement Over Chinese Drywall

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(CBS4)
A Miami company which supplied defective Chinese drywall to contractors and builders has agreed to a $55 million settlement on claims that the corrosive product damaged homes.
On Tuesday lawyers for Banner Supply, several related companies and their insurers along with lawyers for homeowners who have filed claims against the companies urged U.S. District Judge Eldon Fallon in New Orleans to approve the deal.
Only owners whose homes contain Chinese drywall supplied by Banner would be eligible for shares of the settlement fund.
Banner purchased roughly 1.4 million sheets of Chinese drywall. When they notified their Chinese supplier about the complaints, the supplier replaced the Chinese-made drywall with American-made drywall. In return, Banner Supply allegedly signed a confidentiality agreement to not say anything about it to the government or its

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