March 2003 Edition

Dryvit Synthetic Stucco (EIFS) Settlement

Have they settled the Synthetic Stucco law suit and what was the outcome?
There are many outstanding class action lawsuits against all major manufacturers. A national class action settlement involving Dryvit Systems, Inc., the nation's largest manufacturer of exterior insulation and finish system (EIFS), was approved January 14, 2003. Complete terms and conditions of the settlement can be found at www.stuccosettlement.com.
WHAT IS DRYVIT EIFS?
Dryvit EIFS is a multi-layered exterior wall system consisting of a finish coat, a base coat, reinforcing mesh, adhesive and insulation board, all of which are secured to some type of substrate. For purposes of this settlement Dryvit EIFS means systems sold under the trade names Dryvit Outsulation®, Dryvit Sprint®, Dryvit Fastrak I®, Dryvit Fastrak II®, and Dryvit Fastrak 4000®. Dryvit EIFS is designed to look like traditional stucco.
HOW DO I KNOW IF I HAVE DRYVIT EIFS ON MY PROPERTY?

EIFS

There are a number of ways you can determine whether your Property is clad with Dryvit EIFS. Documents - such as a warranty, correspondence, or bill of sale - may indicate that Dryvit EIFS is on your property. You may have had your home inspected for moisture intrusion, in which case the inspector may have indicated that the inspector believes Dryvit EIFS is on the property. You may also be able to obtain assistance in identifying the EIFS on your home by contacting your builder, contractor, or the EIFS applicator.
WHO IS COVERED BY THE PROPOSED SETTLEMENT?
The Settlement encompasses all persons or entities who, as of June 5, 2002, own a one or two family residential dwelling or townhouse in any state other than North Carolina, clad in whole or in part, with Dryvit EIFS installed after January 1, 1989. Exceptions to this would be persons who prior to June 5, 2002 have settled with Dryvit, providing a release of claims relating to Dryvit EIFS, or have obtained a judgment against Dryvit for a Dryvit EIFS claim, or had a final judgment entered against them on such claim in Dryvit's favor.
The settlement covers Dryvit EIFS installed by attachment of the cladding over plywood, oriented strand board, exterior grade gypsum, or other non-masonry substrate on an exterior wall assembly. The settlement does not cover Dryvit EIFS used on commercial structures, or used as an interior cladding, or EIFS installed over substrates of CMU block, cement board, fiber cement board, brick or other masonry unit, or installed by mechanical attachment of the insulation board over a secondary weather barrier with drainage accessories. The settlement also does not cover non-EIFS products such as direct applied systems. Further, the settlement does not cover property that is clad in whole or in part with "Mixed Product," i.e., EIFS that is not in its entirety Dryvit EIFS.
HOW DO I MAKE A CLAIM?
If you believe you are a member of this class and would like to make a claim, you may request a "CLAIM FORM" by calling 1-800-320-9415, visiting http://www.stucco settlement.com, or by writing to the Claims Administrator at:
Stucco Settlement Claims Administrator
P.O. Box 1626
Faribault, MN 55021-1626
To make a claim, you must complete, sign, and submit a claim form postmarked on or before June 5, 2004.
By filing a claim form, you are submitting yourself to the jurisdiction of the court for purposes of this action only, and agree that the information provided on the claim form may be subject to verification, investigation, and further inquiry as may be necessary.
The Claims Administrator will determine whether or not the claim is complete for processing. If information relevant to the claim is incomplete, the Claims Administrator may request, and you must provide, any such additional information reasonably available to you, deemed necessary to process the claim.
The benefits of the settlement include free property inspections, a Dryvit Settlement Program Three-Year Limited Warranty (the "MoistureFree Warranty"), and cash contributions towards certain repair costs.
Generally speaking, the MoistureFree Warranty provides full term coverage limits of $30,000, and annual limits of $10,000, to pay for repairs necessary to prevent the intrusion of excessive moisture behind the cladding system. The MoistureFree Warranty also provides for a qualified moisture inspection to be performed 16 to 18 months after it is issued. The MoistureFree Warranty is attached to the Settlement as Exhibit 5, and can be obtained at http://www.stucco settlement.com. A copy of the "Limited Guarantee" can be accessed at the same address.
If the estimated repair costs are less than $15,000, the Class Member may still obtain a MoistureFree Warranty (at no cost to the Class Member) after the repairs are completed. The cost of such repairs must initially be paid by the class member, but are subject to reimbursement by Dryvit of at least 40% of estimated repair costs, plus up to an additional 10% rebate of estimated repair costs depending on the total number of claims filed by class members. Deadline to File: June 5, 2004
To obtain benefits of the settlement, class members must file a completed "Claim Form", which includes information about the EIFS used on their property, as detailed in the "Notice of Proposed Class Action Settlement". as described in the Order and Judgment
HOW DO I OBTAIN ADDITIONAL INFORMATION?
Additional information is available by calling 1-800-320-9415. If you wish to communicate with or obtain information from Class Counsel, you may do so by writing to Class Counsel. Class Counsel can also be reached via e-mail at http://www.stuccosettlement.com. DO NOT CONTACT THE COURT.
This Notice provides only a summary of matters regarding the case. Again, you may seek the advice and guidance of your own private attorney, at your own expense, if you wish. You may have additional legal remedies against other persons who were involved in the construction or sale of your property. You may consult with an attorney to discuss your rights against additional parties.

Source: http://www.stuccosettlement.com


If you have a question, change of address, comment, home tip or would like to send Home Tips to your clients, send your letter to Home Tips, Christian Building Inspectors, Inc., 3697 Habersham Lane, Duluth, Georgia 30096. You can E-Mail your questions to us at rodharrison@christianbuildinginspectors.com. We reserve the right to edit questions for length.


Quote Of The Month

Would you do business with this firm?

"Attorneys At Law"

"Dewey, Cheatham and Howe"

 (Seen At Longhorns Toco Hills)

A Tip Of The Hat To:

Jennifer & Shack Lewis

Re/Max Greater Atlanta

5163 Roswell Road

Atlanta, Georgia 30342 

**** Thank You****