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2002 DRYVIT SETTLEMENT ALERT
DRYVIT STUCCO SETTLEMENT CONSUMER ALERT
06/18/2002
WASHINGTON -- (PRNewswire) Owners of residential properties clad with Exterior and Finish System components ("EIFS") manufactured by Dryvit Systems, Inc., a subsidiary of RPM, Inc., may be eligible to receive cash compensation, free property inspections, MoistureFree Warranties, and other benefits according to a Settlement pending in the Circuit Court for Jefferson County, Tennessee, at Dandridge before the Honorable Duane Slone in a class action lawsuit known as Bobby R. Posey et al. v. Dryvit Systems, Inc., Civil Action No. 17,715-IV.

Plaintiffs allege, among other things, that Dryvit EIFS is defective because it entraps water introduced into the exterior wall potentially causing damage to homes. The lawsuit seeks monetary relief from Dryvit. Dryvit denies Plaintiffs' claims and allegations. The Court has not ruled on the merits of the Plaintiffs' claims, or on defenses asserted by Dryvit.

All persons or entities who, as of June 5, 2002, owned 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 are eligible to participate in the Settlement. 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 are not included in the Settlement Class.

Eligible individuals can learn steps necessary to pursue their rights as Class Members by calling 1-800-320-9415 or visiting http://www.stuccosettlement.com (LINK NO LONGER LIVE) to obtain a copy of the Notice of Proposed Class Action Settlement and Claim Form. Individuals may also request complete information by writing:

Dryvit Claims
P.O. Box 1626
Faribault, MN 55021- 1626.

"I urge all homeowners who believe that they may qualify for benefits under the terms of the Settlement to call the 1-800 number or visit http://www.stuccosettlement.com (LINK NO LONGER LIVE) to find out how they can successfully join this Class Settlement and receive its benefits," said Plaintiffs' Co-Lead Counsel, Gary E. Mason, of The Mason Law Firm, PC in Washington, DC.

The benefits of the Settlement include free property inspections, a Dryvit Settlement Program Three-Year Limited Warranty, and cash contributions towards certain repair costs. To obtain benefits of the Settlement, Class Members must file a completed Claim Form, which includes information about the EIFS used on their property, by December 5, 2003.

A Fairness Hearing will be held on October 1, 2002 to determine whether the proposed Settlement is fair, reasonable and adequate. Class Members who want to exclude themselves (opt out) from the Class must fill out and sign a Request for Exclusion form and return it postmarked no later than September 3, 2002.

There are a number of ways homeowners can determine whether their Property is clad with Dryvit EIFS. Documents -- such as a warranty, correspondence, or bill of sale -- may indicate that Dryvit EIFS is on their Property. Homeowners may also be able to obtain assistance in identifying the EIFS on their home by contacting their builder, contractor, or EIFS applicator. 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 form 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.

 
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