On April 8, a Tennessee court granted preliminary approval to a nationwide settlement of Dryvit EIFS claims for one and two-family residential structures. Gary Mason and Everette Dofermeyer are the class attorneys. There will be a nationwide notice campaign in TV and print; $2.5 million has been earmarked for the publicity. A fairness hearing is not scheduled until October. I am not clear on the opt-out provisions, such as the deadline for opt-outs. Rumor has it that the attorneys' fees are in eight figures

The settlement is for repairs, so it is even more limited than the North Carolina settlement. There apparently is a way for a homeowners to get more, but the criteria are very restrictive.

We are trying to obtain a copy of the order and proposed settlement. We will send that to any listserv members who express an interest.

We are very concerned about this "under the radar screen" development. With recent holdings being adverse to Dryvit (e.g., Baypoint), Dryvit is clearly on the run. The settlement has the mark of a collusive, anti-consumer "cram-down." Those of you who share the same view should contact me so we can collaborate in contemplating a response.