NEW ORLEANS, LA -- Taishan, a Chinese corporation that manufactured and shipped defective drywall to the Gulf Coast and Virginia, paid a $3,229,196 final judgment to seven families whose homes sustained damages from the company's defective product. This is the first judgment rendered by U.S. Federal courts and paid by a Chinese corporation controlled by a network in China.
A damages trial has been set for April 28 on behalf of 4,000 additional citizens whose properties suffered similar damages from the same defective drywall. Attorneys for the homeowners, lead counsel Arnold Levin of Levin, Fishbein, Sedran & Berman and liaison counsel Russ Herman, of Herman, Herman & Katz say, "We look forward to balancing the books by securing a resolution in favor of these 4,000 additional claimants whose homes and businesses sustained damages as a result of Taishan's defective drywall, and who, as of yet, are still waiting to be made whole."
In the past, Judge Eldon E. Fallon approved a similar $1.3 billion settlement, which is currently in administration, for claimants against Knauf, a German corporation manufacturing drywall in China. "We were pleased that Knauf stepped up to the plate and paid the settlement," says Herman, "and we are optimistic about the progress being made now with the Chinese entities."