Insurance Dispute Lawyer Blog
The AP reports that Chinese manufacturers may flat out ignore the lawsuits filed against them by American homeowners. While it would not be the first time, Plaintiff parties are already aware of this possible outcome and are planning accordingly. Options can include those financial institutions who back the importing of the toxic wallboard, or even seizing the ships that brought the drywall into the country.
Lawyers representing homeowners and homebuilders who used drywall suspected of causing corrosion and possible health risks say they expect Chinese companies that made the wallboard to ignore hundreds of lawsuits filed against them in U.S. courts.
So, who’s going to be on the hook for any damages courts might award?
That’s the pivotal question for lawyers as they pursue about 300 lawsuits in U.S. District Court in New Orleans that allege a flood of defective Chinese drywall was sent into the United States after a string of hurricanes in 2004 and 2005. The material is known to decay, creating corrosive chemicals and fumes.
Among tactics lawyers are considering are suits against U.S. investment bankers who financed the Chinese companies, and seizing ships that brought the drywall to the United States.
The article in full may be read here. Very interesting to see how this whole ordeal may play out.