“Very Creative Solution” of Mutual Benefit to All Parties
Judge Eldon E. Fallon, United States District Court Judge for the United States District Court, Eastern District of Louisiana, presiding over MDL 2047 In re: Chinese-Manufactured Drywall Products Liability Litigation, today approved a landmark global class action settlement between Kaye Scholer client Knauf Plasterboard Tianjin (KPT) and the Plaintiffs’ Steering Committee (PSC).
As National Counsel to KPT, we developed and negotiated the settlement, which benefited the client by allowing KPT to repair the affected homes rather than having to pay monetary damages, assuring the most cost-effective solution. It benefited thousands of homeowners by ensuring that their homes were repaired more quickly than having to wait for each of the jurisdictions involved to hear multiple cases and decide on recommended remedies, if any.
According to Judge Fallon “these matters can be resolved because of the quality and ability of the attorneys. That’s the secret of the MDL process. It brings out the best of the best. And, because of that, these cases, as complicated as they are, can be resolved.” Called a “very creative solution to a very complex problem that is...fair, comprehensive and just” by mass torts expert Prof. Stephen Salzburg of George Washington University Law School, the settlement generated more than 500 media stories around the US. The approved settlement puts an end to all related ongoing litigation and class-action lawsuits. Lead partners: Steven Glickstein (Product Liability) and Gregory Wallance (White-Collar Litigation & Investigations).
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