Friday, April 16, 2010

REALTOR® Magazine-Daily News-Chinese Drywall Firm Ordered to Pay $2.6 Million

REALTOR® Magazine-Daily News-Chinese Drywall Firm Ordered to Pay $2.6 Million

Chinese Drywall Firm Ordered to Pay $2.6 Million
A federal district judge in New Orleans last week ruled against a Chinese drywall manufacturer, awarding seven Virginia families $2.6 million in damages.

The Chinese firm, Taishan Gypsum Co. Ltd., which is owned by the Chinese government, didn’t appear in court or even acknowledge the lawsuit. A spokesman for the Chinese embassy in Washington, D.C., said he hadn’t been informed of the specifics of the case and couldn’t comment.

It is not clear whether Taishan can be compelled to pay the judgment. Nevertheless, observers say the court’s decision will set the tone for dozens of similar pending cases.

Source: The Wall Street Journal, M.P. McQueen (04/09/2010)