Chinese Drywall Settlement Approved

February 7, 2013 | Updated: 11:35 p.m., February 7, 2013

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Lawyers say a federal judge approved five settlements in class-action Chinese drywall lawsuits.

They say the lawsuits call for manufacturers to pay more than $1 billion to repair homes.

The settlements will benefit more than 10,000 property owners.

Most of the money to be paid out will come from Knauf Plasterboard.

It’s estimated between 12,000 and 20,000 homes and businesses were built with defective drywall between 2005 and 2008.

The toxic drywall was mostly used in Louisiana, Florida, Alabama, Mississippi, Texas and Virginia.