Insurance Companies Pay Chinese Drywall Settlement for Florida Homes.

   Reportedly, Insurance Companies are paying a $54,000,000.00 settlement for alleged Chinese Drywall Damages:

   Lawyers for consumers and Banner Supply [alleged seller] said today four insurers would be paying the settlement of the drywall cases, which covers as many as 700 Florida homeowners.

Phil Milford & Allen Johnson Jr., "Chinese Drywall Supplier to Pay $54 Million to Settle Homeowners' Claims" (Bloomberg.com, Tuesday, June 14, 2011).

   The reported settlement comes as something of a surprise.  The Insurance Companies for Homeowners-Plaintiffs and for Defendants in the Chinese Drywall litigation had received some favorable rulings fairly recently.  See, e.g., Download In re Chinese Manufactured Drywall Products Liability Litigation (E.D. La. No. MDL 2047, Order and Reasons Filed December 16, 2010) PUBLIC ACCESS,  See generally Dennis J. Wall, "Litigation and Prevention of Insurer Bad Faith" Third Edition West Publishing 2011, § 3:112, "Chinese Drywall Damages:  Some Third-Party, Liability Insurance Coverage Issues,", and § 9:31, "Chinese Drywall Damages Claims and Property Insurance Coverage Issues and Exclusions".

   The identities of the four settling Insurance Companies have not been publicly reported.

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