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SOURCE Analytics Consulting, LLC, Claims Administrator
VALLEY FORGE, Pa., Nov. 4, 2013 /PRNewswire/ -- CertainTeed Corporation and Counsel for the Plaintiffs in In re: CertainTeed Fiber Cement Siding Litigation, MDL Docket No. 2270 (E.D. Pa), announced today that they have entered into an agreement to settle various class actions relating to fiber cement siding manufactured by CertainTeed Corporation and installed on or before September 30, 2013. Plaintiffs, who own properties with the siding, allege that the siding was defective. CertainTeed believes that its fiber cement siding has performed well over many years, but has agreed to the settlement to avoid the expense, inconvenience, and distraction of further protracted litigation and to fully resolve this matter.
The fiber cement siding included in the settlement is CertainTeed Weatherboards™ Fiber Cement Siding, Lap Siding, Vertical Siding, Shapes, Soffit, Porch Ceiling, and 7/16" Trim installed before September 30, 2013. CertainTeed's vinyl siding and polymer shake products are not involved in this litigation.
CertainTeed will pay $103.9 million to fund the settlement, which includes attorneys' fees and costs. The settlement agreement provides a more substantial remedy than is available to property owners under CertainTeed's limited warranty. The availability of the remedy under the settlement depends upon a number of factors such as (1) the extent of the Qualifying Damage; (2) the proportion of the wall with Qualifying Damage; (3) the size of the wall; (4) the length of time the siding has been installed; and (5) whether the Qualifying Damage was caused by a third party or as a result of improper installation or storage.
The settlement agreement must be approved by a judge -- in this case, by United States District Court Judge Thomas P. O'Neill -- after a hearing which we expect to take place on February 19, 2014 in Philadelphia, Pennsylvania.
People who own or owned buildings with CertainTeed Fiber Cement Siding and believe they may qualify for a remedy under this settlement can obtain additional information about the settlement by checking the website at www.CertainTeedFiberCementSettlement.com; by calling 1 (855) 332-3413, or by writing to: CertainTeed Claims Administrator, PO Box 2007, Chanhassen, MN 55317-2007.
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