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Leo Romano is one of the members of that class action lawsuit. He said Thursday news means he can finally take steps toward getting tainted Chinese drywall removed from his Gulfport home. "This has been a nightmare," Romano said. The Gulfport homeowner claims the faulty drywall was put in after Hurricane Katrina. Since then, he said it has caused lots of physical and financial problems. "And last month or so, my wife and I had difficulty with respiratory issues." Ocean Springs attorney Steve Mullins represents Romano and more than a thousand other gulf coast victims in this class action lawsuit. "It is a complicated issue because it involves builders, owners, supply companies, German companies, insurance companies, anything you can possibly imagine, and homeowners," Mullins said about the ongoing litigation. "It has taken an exceptionally long time to work it out." Mullins said hearing the news that a major settlement has been reached is just what his clients needed to hear. "Thank God," Mullins said. "About time, yes. It is like a feeling of relief." There are three funds set up under this new settlement agreement to reimburse homeowners for their losses. All together, those funds could exceed more than a billion dollars. "One is for economic loss, for people that have lost money as a result of this, and personal injuries. And that fund is at $30 million. There is also a fund that is important to clients that will pay attorney fees and expenses, so no one is out of pocket," Mullins said about the terms of the agreement. "Then there is an unlimited, uncapped fund that is estimated at $800 million to a billion. I think it's going to be substantially north of a billion for people to fix their homes." Leo Romano said this is the best Christmas present that he could ask for this year. And he's happy that so many victims, like himself, came out winners after such a hard fight. "We were confident that there was going to be a remedy at some point," Romano said. Before any money is distributed, the judge in the case must still sign-off on the settlement, which we understand will be June at the earliest. It is also important to note this settlement only involves those with Knauf brand drywall. Drywall imported from China in 2004-2006 has been found to contain significant amounts of sulfur and sulfur related compounds. Many believe that humidity causes the sulfur in the drywall to out gas (i.e., migrate into the indoor air) which not only creates a noxious odor, but corrodes copper, such as evaporator coils and tubing, which can ultimately cause your air conditioner to fail. Chinese drywall may also corrode your copper plumbing, copper electrical wiring, and copper water lines. Metals such as chrome, brass and silver may also be affected. Bathroom and kitchen faucets and drains are typically tarnished in homes with Chinese drywall. Homeowners have also been reporting physical ailments, including coughing, irritated eyes, sneezing, sore throat, difficulty breathing, runny nose, bloody nose, and headaches after being exposed to Chinese drywall. If you or someone you love has developed any of the above symptoms, or if you have noticed any of the above conditions in your home or business, you may be entitled to significant compensation.
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