Chinese company settles drywall litigation for $248 million

A Chinese company has agreed to pay $248 million to resolve long-running claims that it sold thousands of U.S. homeowners defective drywall that emitted a noxious odor and corroded pipes, wiring and appliances.

The proposed settlement with Chinese company Taishan Gypsum Company Ltd and related entities was detailed in filing in federal court in New Orleans, where lawsuits against Chinese drywall manufacturers have been consolidated since 2009.

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