A federal judge on Thursday approved a $104 million
settlement between CertainTeed Corp. and a class of consumers who
alleged that various home sidings made by the company were prone to
premature degradation and failure.
In 2010, numerous class actions were filed across
the country against CertainTeed relating to the alleged product
defects, and in 2011 the U.S. Judicial Panel on Multidistrict
Litigation transferred all of the actions filed in federal district
court complaining about CertainTeed's siding to the Eastern
District of Pennsylvania.
"The settlement creates a gross, nonreversionary settlement
fund of $103.9 million for the benefit of the settlement class
and establishes a six-year claims period and a claims process where
owners of properties on which failed siding was installed may
obtain cash payments based on the size of the affected wall and the
extent of any failure," the settlement agreement said.
According to the settlement, the compensation to be provided
to class members is based on criteria including the size, age and
condition of the damaged siding. Class members whose repair costs
are greater due to the size or complexity of the siding on their
walls will receive proportionately more than those with lesser
amounts of siding on their walls. Similarly situated class members
will receive similar benefits under the proposed
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