Over the years we’ve chronicled the twists and turns in the Chinese drywall multidistrict litigation, which arose after allegedly defective drywall was installed in thousands of homes after Hurricanes Katrina and Rita. (See here, here and here.) On Tuesday lawyers for the plaintiffs — who’ve struggled to enforce judgments against Chinese defendants in the litigation — announced their first major proposed settlement. Insurers for Banner Supply Co., a Florida-based distributor of drywall, will pay $55 million to settle claims by Florida homeowners. The deal follows a $9 million proposed settlement that was reached in April with another supplier, Interior/Exterior Building Supply. (Here’s a copy of the press release announcing the Banner settlement.)

The plaintiffs are represented by Herman, Herman, Katz & Cotlar; Levin, Fishbein, Sedran & Berman; and Colson, Hicks, Eidson. Banner is represented by Michael Peterson of Miami’s Peterson and Espino, and Todd Ehrenreich of Miami’s Weinberg Wheeler Hudgins Gunn & Dial. Banner’s lead insurer, Chartis, is represented by Jane Byrne of Quinn, Emanuel, Urquhart & Sullivan.

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