01/19/98 Flash— The North Carolina Court of Appeals has decided to allow the Defendants of Ruff, et al v. Parex, et al to include in the lawsuit their claims against homebuilders, subcontractors, and other third parties.
EIFS Class Action Settlement Announced
A settlement agreement has been reached between the named claimants and two of the manufacturers involved in the North Carolina EIFS class action lawsuit. The agreement has not been accepted by the Court as of yet. A Fairness Hearing is set to be held this fall to determine whether or not the agreement will be accepted.
Some highlights include:
- All homes in the US with EIFS made by “Senergy” and “Thoro” are covered, unless the owner chooses to “opt out”.
- If you want to opt out, you must do so in the opt out period.
- A Fairness Hearing will be held on September 11, 1998 to determine whether the proposed settlement is fair, reasonable and adequate.
- Homeowners who are claiming damages must submit a claims form.
- Accepted properties will be inspected to determine the extent of damages and the amount of repairs and/or money awarded will be determined by the Claims Administrator.