New Settlement Offer From Lowe’s on Tainted Drywall

Several weeks ago I wrote a POST describing a settlement offer from Lowe’s for customers who had purchased “tainted” drywall, and the response from most was that the offer was more of a bad joke than a serious effort to help consumers.  In the original offer, many of the victims were to receive Lowe’s gift cards ranging in value from $50 to $2,500, with a few eligible for additional cash settlements of up to $2,500.  Not all were losers however—a fact which most found disturbing–the attorneys who handled the case would receive $2.1 million for their efforts.

Now, however, Lowe’s has significantly raised their offer to consumers, with some eligible to receive up to $100,000 in cash for damage to their homes or health resulting from tainted drywall purchased in one of their stores.  Interestingly, there is disagreement as to whether or not Lowe’s ever sold Chinese drywall—Lowe’s claims they did not—and the case around which this settlement revolves is based upon drywall manufactured in the U.S.  This may be the first instance of verifiable damage due to domestically manufactured drywall, and it would open a whole new avenue for additional lawsuits.

Finally, though this proposed settlement offers payments to consumers that are significantly higher than the previous offer, the attorneys’ fees will remain at $2.1 million.

Click HERE for the details of this story.

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