|By PR Newswire||
|February 11, 2014 06:00 AM EST||
SAN FRANCISCO, Feb. 11, 2014 /PRNewswire/ -- Nearly a year after the first Toxic Chinese Drywall Settlements were approved against Knauf Plasterboard Tianjin, Interior Building Supply, Banner Supply Co., L&W Supply and others, half the Registered Affected Properties still have not had their claims processed. Law Finance Group ("LFG") announced they are ready to help plaintiff attorneys who have worked hard for these Settlements by creating a Chinese Drywall Funding Facility to help continue the fight through the delays with a flexible funding facility.
Chinese Drywall was imported into the U.S. due to a shortage in American made drywall products during the real estate boom between 2004 and 2006. The imported Chinese Drywall was found to be defective and toxic, and required replacement. Five of the class action Settlements, worth more than $1B, involving hundreds of distributors, builders and insurers to compensate homeowners was approved by Federal Judge Eldon E. Fallon in June 2009. On February 8, 2013 Judge Fallon certified the five class action settlements which will benefit more than 10,000 property owners. The payoff for attorneys working the cases is long overdue as the work by the settlement administrator Brown Greer continues. "Sometimes the endgame can take a long time. Whether the attorney is expecting common benefit fees and/or representing clients, four years is a long time to wait for a paycheck," says Alan Zimmerman, Founder and CEO of LFG.
The approved Settlements call for companies who manufactured Chinese Drywall to pay hundreds of millions of dollars to repair damaged homes, but defendants who did not settle are being held up at the Fifth Circuit through on-going legal maneuvers by defendant Taishan Gypsum Co., Ltd., who sold more than $8.5M worth of its drywall to the U.S. "The process must be frustrating for attorneys who have filed claims but also have other opportunities that need funding," says Ajit Singh, a funding attorney with LFG. "A spreadsheet comparing the remediation numbers using Xactimate software and final bid prices provides a pretty strong indication of how an attorney's portfolio of fees is going to resolve, but not too many outfits are willing to lend significant money against it . . . we can."
LFG is currently celebrating its 20th year of successfully providing funding to attorneys and plaintiffs since 1994. The Chinese Drywall Funding Facility is the latest solution by LFG to aid attorneys navigating the imperfect justice system and to provide innovative capital solutions to help firms grow. Interested lawyers should contact an LFG Funding Attorney to talk about their portfolio of Chinese Drywall claims.
About Law Finance Group, LLC
LFG is a lawyer founded and managed licensed finance company. It has been providing on-demand law-related capital to lawyers and their plaintiff's since 1994, successfully advancing more than $300M in thousands of cases. LFG advances funds in class action cases, judgments on appeal, cases on remand and complex settlements.
For more information on how LFG can help you, please contact Ken Baritz: (O) 800-572-1986, (C) 561-212-1740, email: [email protected].
SOURCE Law Finance Group, LLC