Lowe’s Cos. has agreed to distribute $6.5 million in gift cards and pay up to $2.2 million in attorneys’ fees to settle a class-action lawsuit over defective drywall.

Plaintiffs claimed that Lowe’s sold defective drywall that gave off a bad odor and tarnishes metal. Most such drywall was imported from China, but Lowe’s said that no drywall it sold came from China. Lowe’s admits no wrongdoing in the settlement agreement.

Anyway who believes they purchased defective drywall from Lowe’s before July 27 is included in the settlement class. The claims process is expected to begin in 30 days.

Source: The Wall Street Journal, Mary Ellen Lloyd (08/09/2010)