A legal settlement between Hampton Roads homeowners whose properties were built with tainted Chinese-made drywall and the companies they filed suits against is expected to be announced today during a hearing at the Norfolk Circuit Court, according to an attorney involved in the cases.
More than 170 homeowners in the region have sued local companies that distributed and built homes with the product, which federal product-safety regulators have found emits gases that corrode metal in homes and recommended it be removed.
Settlement talks have been ongoing for a few months, said Mark Nanavati, an attorney for Venture Supply Inc., the Norfolk company that imported the Chinese drywall. He told The Pilot of the pending settlement in an email but declined to disclose the details.
The legal battle over who will pay to fix the properties is in its 38th month. Many homeowners have already abandoned their properties or lost them through foreclosure or bankruptcy. Others have sold their homes for sometimes less than half of what they paid.
Read past stories about Chinese Drywall issues in Hampton Roads here
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