Good news for residential homeowners that unknowingly purchased homes or condominiums with Chinese (defective) drywall: A $24 million settlement for damage caused by defective Chinese drywall in a Boynton Beach community has received final approval from a federal judge in Louisiana. U.S. District Judge Eldon Fallon in New Orleans entered a final order Monday that certified the class action, appointed class counsel and approved the settlement of claims against Miami-based Coastal Construction of South Florida Inc. The company was sued by the residents of Villa Lago at Renaissance Commons, a 328-unit community built from 2005 to 2007. Residents alleged Coastal knowingly used defective drywall and sued in 2009. Coastal made no admission of fault in the settlement, which obtained preliminary approval in April. The settlement will cover the removal of drywall, fire safety alarm devices, electrical components, gas service piping and sprinkler systems. Villa Lago was one of many drywall lawsuits consolidated in Louisiana to jointly manage the multidistrict litigation. The local attorney for Villa Lago is Greg Weiss of Leopold Law in Palm Beach Gardens. Adolfo Pesquera, Daily Business Review | September 11, 2013
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