The law firms of Baron & Budd, P.C. and Allison Grant, P.A. are pleased to announce that Banner Supply has settled it’s Chinese drywall claims. This Settlement will only resolve claims against Banner Supply and its insurers. Litigation will continue against other defendants. This settlement must be approved by the Honorable Judge Fallon in the Eastern District of Louisiana. A fairness hearing is set for February 3, 2012.
Bruce Steckler, a shareholder of Baron & Budd, P.C. was appointed by Judge Fallon to the Plaintiff’s Steering Committee (PSC), was involved in the Banner settlement and serves on the Banner Allocation Committee. Robert "Bob" Brown, a shareholder of Baron & Budd, P.C. in Miami, handles the firm Chinese Drywall Cases in Florida. Allison Grant, P.A. represents hundreds of Chinese drywall clients in Florida, many with Banner supplied drywall and has worked to gather information on Banner’s liability.
This settlement is a result of the tireless effort to pursue corporations, businesses and individuals who are, liable for the Chinese Drywall disaster. As a result of this work, Banner Supply has entered into a class settlement (all of the Banner Supply entities) for all of Banner’s remaining insurance proceeds.
The information on this site does not constitute legal or any other professional advice, and is not intended to create a professional relationship including, but not limited to, an attorney-client relationship.
The following is general information regarding the pending class settlement. This information is constantly changing and is NOT a substitute for legal counsel nor is it intended to provide you with any legal advice. Please contact your attorney for more information or to discuss your particular case.
Banner, as we shall refer to the settling entities, is actually several private companies located around southeastern and southwestern Florida. All of the companies received Chinese Drywall and all of the companies distributed it around the state for use in construction. Banner, like most small businesses and corporations, has limited assets. It appears that they do not have sufficient assets to cover the number claims against them by homeowners and homebuilders.
Fortunately, Banner has insurance coverage for these claims. At present more than $53 million in insurance coverage exists. This coverage has been tendered in exchange for a release of Banner for all of its CDW liabilities in the class settlement.
As noted above, Banner has offered all of its remaining insurance money for a complete release of the claims against it for CDW. This offer has been made within the MDL litigation pending before Judge Fallon in the Eastern District of Louisiana. It has been made within the framework of a class action settlement, such that Judge Fallon will conduct a "fairness hearing" to determine if the settlement is fair to all of the homeowner class members.
In reviewing the settlement for fairness, Judge Fallon will examine Banner and all of its other assets, if any, to determine if Banner has any ability to pay more money into the settlement. Judge Fallon will look at the claims of each category of homeowner and homebuilders and will look at the proposed resolution to determine its "fairness". The Judge will also consider any issue or concerns about this settlement raised in Court.
Homes that were supplied by Banner will benefit from the settlement. If you do not have a home in Florida, then it is very unlikely that you will receive any part of this settlement. Banner supplied homes predominately in South Florida. For example, if you live north of Port St. Lucie on the east coast, or north of Punta Gorda on the west coast, then you probably were not supplied by Banner and will probably not receive any part of this settlement.
It is uncertain at this time. Judge Fallon has appointed an allocation committee that will be in charge of reviewing the entire settlement and considering the different types of claims presented. The allocation committee will then have to determine an objective and consistent method for the settlement to be allocated.
Of course, any such decisions will be carefully and closely scrutinized by Judge Fallon to ensure that it is both fair and just.
A hearing is scheduled to be held in Courtroom C-456 of the United States Courthouse, Eastern District of Louisiana, 500 Poydras Street, New Orleans, LA 70130, at 9:00 a.m. (CST) on February 3, 2012 for the purpose of determining whether the Banner Chinese Drywall class action settlement is fair, reasonable, and adequate and should be approved by the Court.
Participating in the Banner class action settlement does not preclude homeowners from recovering against other parties.
If your drywall was supplied by Banner and you want to participate in this settlement, then you do not need to do anything.
You may have already received a Notice of Pendency of Class Action in the mail or seen the Notice in the newspaper. The way that the settlement is structured, you are automatically part of this settlement unless you decide to opt out.
Everyone who filed a claim in the MDL will likely receive a Notice of Pendency of Class Action in the mail whether Banner supplied your drywall or not.
Again, you are automatically part of this settlement even if your supplier has not yet been confirmed.
You will not be eligible for the Banner class action settlement proceeds if you opt out. As noted above, it appears that Banner’s only significant asset is its insurance policies. If Banner pays all of its insurance as part of this settlement, there will not likely be any assets left to pursue or recover from the Banner entities. If a substantial number of people opt out of the settlement then Banner may retract it’s offer and the settlement may fall through. If so, Banner could file for bankruptcy in an attempt to protect itself from these claims.
www.laed.uscourts.gov/Drywall/Orders/Prelimapp.or.Banner.pdf
The information on this site does not constitute legal or any other professional advice, and is not intended to create a professional relationship including, but not limited to, an attorney-client relationship.
The information on this website is general information regarding the pending class settlement. This information is constantly changing and is NOT a substitute for legal counsel nor is it intended to provide you with any legal advice. Please contact your attorney for more information or to discuss your particular case.
If you are not already represented by an attorney and have questions regarding the Banner settlement, please feel free to contact us:
Allison Grant, P.A.
950 Peninsula Corporate Circle, Suite 2011
Boca Raton, Florida 33487
Phone: 561.994.9646
Email us: agrant@allisongrantpa.com
Robert Brown
Baron & Budd, P.C.
2665 South Bayshore Drive, Ste. 220
Miami, Florida 33133
Phone: 214.523.6469
Email us: cdw@baronbudd.com
You are not considered a client until you have signed a retainer agreement and your case has been accepted by us. The hiring of an attorney is an important decision and should not be based solely upon this website or an advertisement. Before you decide to hire an attorney, ask for information regarding his/her qualifications and experience.