Greece, which was granted a $158 billion bailout in May 2010, needs tens of billions in additional financing over the coming years as it remains locked out of international debt markets.
The question is whether to get private sector investors to share the burden, and if so, how to do that without disrupting Europe’s financial system.
Settlement approved in Chinese drywall case
NEW ORLEANS — A Miami-based supplier of tainted Chinese drywall agreed in a court filing Tuesday to a $55 million settlement of claims that the corrosive product damaged homes, all or nearly all of them in Florida.
The proposed settlement, which requires approval from U.S. District Judge Eldon Fallon in New Orleans, would resolve claims by thousands of plaintiffs against Banner Supply Co., several related companies and Banner’s insurers.
Tuesday’s deal covers just a portion of the claims by homeowners who blame drywall for a host of problems, including corrosion of electrical wiring, appliances and electronics. Judge Fallon is presiding over more than 10,000 claims by residents blaming damage to their homes on Chinese drywall, which was used in construction throughout Florida and the Gulf Coast before the housing bubble burst.
Only plaintiffs whose homes contain Chinese drywall supplied by Banner would be eligible for shares of the $54.5 million settlement fund, paid by four of Banner’s insurers.
From wire dispatches and staff reports
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