Weyerhaeuser to Settle Claims Over Siding

Weyerhaeuser Co. agreed to settle claims by homeowners who bought its hardboard siding that failed prematurely. The settlement would pay plaintiffs for Weyerhaeuser siding installed from Jan. 1, 1981, through Dec. 31, 1999. Claims can be made over a nine-year period. Plaintiff co-counsel Tousley, Brain said the settlement could involve millions of people nationwide. The hardboard siding, which is made of wood fiber, resin and wax pressed together to appear as real wood, was sold mainly to builders on the West Coast. Weyerhaueser said it would take a second-quarter after-tax charge of $82 million as a result of the settlement. The company expects court review of the settlement to be completed in the fourth quarter. Shares in Weyerhaeuser closed up 94 cents at $44.06 on the New York Stock Exchange.