Louisiana-Pacific Corp. Notes Inner-Seal Siding Claimant Offer Program

In an effort to provide prompt payment to homeowners who filed claims under its Inner-Seal siding product liability class action settlement, Oregon-based Louisiana-Pacific Corporation (www.lpcorp.com) announced implementation of a Claimant Offer Program. Homeowners were to begin receiving materials detailing the program recently.

The Claimant Offer Program provides homeowners with the opportunity to “make an offer” to LP in full satisfaction of their claim. Under the program, LP guarantees that it will accept all valid offers up to 35.87 percent of a homeowner’s approved claim amount (this percentage is the same amount offered through the Alternative Payment Program introduced in 2002 and the Second Settlement Fund administered in 1998). If a homeowner makes an offer of more than 35.87 percent, LP will consider the offer, but gives no assurance that it will be accepted. All claimants are free to make offers up to the amount of their approved claim. The program is entirely voluntary and claimants who choose not to participate retain all their rights under the existing Settlement.

“This program is yet another attempt to resolve outstanding claims in a timely manner consistent with our court approved settlement,” stated Curt Stevens, LP executive vice president, Administration and CFO.

All valid offers received by the Claims Administrator and postmarked on or before April 30, 2003, will be considered. No later than June 30, 2003, the Claims Administrator will either mail a check in the amount of the claimant’s offer, or a letter declining the offer.

The Claimant Offer Program will be extended to all claimants who have valid, complete claims under the Inner-Seal class action settlement, but whose claims have not yet been paid. It is designed to provide a fair and reasonable alternative to homeowners facing the uncertainty and timing of possible future payment, as LP has already satisfied or exceeded all its mandatory obligations under the original agreement.

The Claimant Offer Program is being offered under the supervision of Retired Oregon Supreme Court Justice Richard Unis, Special Master appointed by the U.S. District Court, who is overseeing the administration of the settlement. “It’s important for all claimants to understand that their participation in this new proposal is completely voluntary and that the original settlement remains in effect and unchanged,” said Justice Unis. “Like the previous programs, this new program is intended to remove uncertainty and promote peace of mind. It will be offered to each claimant separately and should be viewed as an option which the claimants individually may or may not choose to participate.”

The Inner-Seal national siding class action settlement involves products installed prior to Jan. 1, 1996. Visit www.lpsidingclaims.com for additional information on the settlement.