Chinese drywall settlement will help hundreds of Mississippians - WLOX.com - The News for South Mississippi

Chinese drywall settlement will help hundreds of Mississippians

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BILOXI, MS (WLOX) -

Chinese drywall has been a nightmare for thousands of families, corroding metal pipes, wiring even jewelry and causing many homeowners to experienced health problems related to the defective drywall.

It has taken years, but a settlement has now been reached with one of the largest producer of defective Chinese drywall. It is actually five separate, but related, settlement agreements.

"We are glad to get the relief and hopefully again people can turn the chapter in their lives and move on," Attorney Jim Reeves said.

Around 4,500 homeowners with Knauf Plasterboard Drywall will get immediate compensation to repair their homes. Attorney Jim Reeves said roughly 700 of those are Mississippians.

"These defendants will come in, completely renovate the homes, take it to the studs in terms of stripping it down, take all the affected drywall, all the affected component parts and put the house back together the way it should have been if they had gotten the proper drywall," Reeves said.

One of the great things for homeowners, according to Reeves, is the settlement fund is unlimited.

"Whatever it takes to restore and repair each one of these homes is ultimately the amount these defendants will pay," Reeves said. "We estimate the total settlement value to be a little bit over $1 billion by the time it's done."

While some homeowners were able to afford to gut their home and rebuild, most have been living with the defective drywall in their homes for several years.

"We worked a deal with these defendants to begin their mediation process even before the settlement was approved. So as we are speaking, a lot of these people are having their homes repaired right now," Reeves said.

This settlement brings closure to 90 percent of Mississippians affected by Chinese drywall.

There is only one Chinese drywall manufacturer left to settle with and Reeves is hopeful a deal will be reached in that case soon, putting an end to all the Chinese drywall litigation.

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