According to court documents filed Tuesday, Banner Supply Co., its affiliates and their insurers, agreed to a $55 million dollar preliminary settlement as part of the consolidated Chinese Drywall cases brought in the United States District Court for the Eastern District of Louisiana, In Re: Chinese-Manufactured Drywall Products Liability Litigation, Case No. 09-md-2047. The deal covers between 500 to 800 homes that were supplied with Chinese Drywall in the wake of several hurricanes that hit the United States beginning in 2005. Banner has denied liability in the suit, claiming that German manufacturer Knauf Group is to blame for the alleged defects contained within the Chinese Drywall. Banner is the second major U.S. supplier to settle its Chinese Drywall claims. For more information about the status of the suit and Tuesday's settlement, click here.