Defective Florida Chinese Drywall Supplier Must Disclose Insurance, Assets

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In a new development in the ongoing Chinese drywall litigation, a supplier of the defective material has received a court order to disclose the amount of its insurance and assets so that consumers can determine whether joining a class action is worthwhile, according to the Miami Herald. Additionally, the [Miami}(/miami/)-based company, Banner Supply Co., is reportedly embroiled in litigation against the German manufacturer from which they received the drywall.

A federal class action provided $54.5 million to cover the claims brought against Banner, but much of that may go to attorneys’ fees and other costs, according to the terms of the settlement. Local lawyers have taken some claims to state courts, where the petition to disclose the assets was presented. This information may give consumers a chance to make a more educated decision about accepting the federal class action settlement or pursuing other legal action.

Once consumers are notified of their ability to take part in the settlement, they have 60 days to decide whether they accept. Should they decide to do so, they are unable to take any further legal action against Banner in the future concerning this issue. Two of the lawyers representing homeowners in state courts petitioned for the disclosures.

If you have defective Chinese drywall in your house, contact an attorney to help evaluate your legal options. An experienced product liability lawyer, like the ones at Morgan & Morgan, can provide competent legal advice so that you get the compensation to which you are entitled.

By Staff