As for Florida, owners of possibly 3,000 homes may see direct benefits, while another 8,000 other Florida homes with defective drywall also may now have stronger claims against other manufacturers, lawyers say.

 

 

Hurricanes Wilma and Katrina devastated wide swaths of the Southern US region, during the then housing boom, forcing U.S. companies to import drywall to meet the demands caused by the devastation and the housing boom, only to then compound the problem by causing foul odors and leading to corrosion of pipes and wiring as a result of the imported drywall.

 

 

Last week, Knauf Plasterboard Tianjin Co., became the first manufacturer to prpose to settle thousands of claims...to the tune of up to $1 billion.

 

 

In June, Banner Supply Co., a Miami-based firm that distributed Chinese drywall in Florida, agreed in to spend about $54.5 million to compensate about 2,000 Florida homeowners.

 

 

Homeowners who have known/confirmed KNAUFF Drywall can still file a claim against the company, but many attorneys representing other homeowners say to act quickly.

 

 

In the new proposed settlement, those who accept the settlement can pick their own contractor or allow Knauf to. Owners also have the choice of taking a cash payment that will be lower than repair costs. The money for the repairs or cash settlements will come out of the fund. Additionally, Knauf will also pay for related economic losses, such as home foreclosures, from an additional $30 million fund.

 

 

If U.S. District Judge Eldon Fallon determines at a January 2012 hearing that the settlement is fair, which lead attorneys for homeowners have said it is, work would begin sometime later in 2012.