Who Qualifies?
A South Carolina court approved a Preliminary Settlement on November 13, 2009 in the statewide class action lawsuit of Treon v. Dryvit Systems, Inc. (2002 CP 07 1377). The Treon lawsuit claims barrier-type or non-drainable synthetic stucco (also called EIFS) manufactured by Dryvit Systems Inc. is defective causing hidden water damage. The suit also claims Dryvit acted improperly during the Treon litigation. Dryvit vigorously denies these claims and raised other defenses.
You are a part (Class Member) of the Treon class action if:
1) You own, or owned, a one- or two-family home or townhouse in South Carolina (“Structure”) on January 4, 2010 and
2) Dryvit EIFS was installed on the home between January 1, 1989 and September 3, 2002 even if the EIFS was later removed from the home.
The Court will Review the Settlement and Hear from Class Members at a Fairness Hearing. The Court will address the fairness, reasonableness and adequacy of the Settlement; applications for attorneys fees; and any objections at the Fairness Hearing. It is scheduled for the Beaufort County Courthouse at 10:00 a.m. on June 7, 2010.
What Does The Settlement Provide?
If approved at the Fairness Hearing, Class Members who purchased a qualifying Structure BEFORE January 1, 2003 may receive either (a) $8.00 per square foot of Dryvit EIFS still on the Structure, or (b) $4.00 per square foot of Dryvit EIFS that has been removed. Class Members who purchased a qualifying Structure AFTER January 1, 2003 are not eligible for monetary benefits; however, if they file a Claim Form and pursue an individual lawsuit then Dryvit agrees to waive and toll certain defenses that may otherwise apply. Class Members who filed timely claims in the Tennessee class action of Posey v. Dryvit Systems Inc. may apply for monetary compensation from an Equitable Claims Adjustment Fund established by the Treon Settlement.
To Claim a Settlement Benefit or Object to the Settlement:
Class Members Must File a Claim Form before August 2, 2010. Class Members who wish to object must also file a letter explaining their objections with the Court, Class Counsel, and Dryvit’s Counsel by May 3, 2010.
Class Members Can Exclude Themselves (Opt Out) from the Lawsuit and Settlement if:
Class Members can retain their right to sue, or continue to sue, Dryvit by completing a Request for Exclusion Form and mailing it before April 5, 2010. Class Members who Opt Out may NOT object to or file a claim with the Treon Settlement.
View the links and downloads to the right for more information about qualifying to participate and to download the forms needed to be included in this Class Action Settlement.
