Attorneys for Homeowners Announce National Settlement of Weyerhaeuser Hardboard Siding Litigation.

Business Editors

SAN FRANCISCO--(BUSINESS WIRE)--July 10, 2000

Attorneys for homeowners announced today a nationwide settlement of a class action lawsuit pending in San Francisco Superior Court against Weyerhaeuser Company, a Washington corporation, relating to Weyerhaeuser hardboard siding installed by homeowners on potentially millions of homes and other structures in California and across the country from January 1, 1981 through December 31, 1999.

According to co-lead counsel for Plaintiffs and the Class, Jonathan Selbin, of San Francisco's Lieff, Cabraser, Heimann & Bernstein, LLP, the settlement, which is subject to Court approval, "provides a terrific recovery for homeowners and others whose Weyerhaeuser hardboard siding is prematurely failing. Over the nine year claims period provided for in the settlement, Weyerhaeuser will pay all timely, qualified claims for damaged siding, without any reduction of Class members' recoveries for attorneys' fees or costs." Commenting on the settlement, Christopher Brain, of Seattle's Tousley, Brain, PLLC, also co-lead counsel for Plaintiffs and the Class, stated: "After two years of hard fought and difficult litigation, this settlement provides substantial and prompt relief for homeowners across the country, without any of the risks and uncertainties of continued litigation." William Audet, of San

Jose's Alexander, Hawes & Audet, also co-lead counsel for Plaintiffs and the Class, added: "we believe that by entering into this settlement, Weyerhaeuser has stepped up to the plate to provide fair and prompt relief to homeowners. We are proud of the result we have obtained and the relief this settlement provides."

The case, captioned Nancie Williams, et al v. Weyerhaeuser Company, was filed in San Francisco Superior Court June 15, 1998. Weyerhaeuser hardboard siding is a manufactured exterior siding composed of wood fiber, resin and wax, and pressed to look like real wood siding. Weyerhaeuser sold the siding nationwide, and a significant percentage was sold in California and the Pacific Northwest. Plaintiffs sought monetary relief for homeowners and others who own or owned structures on which the siding was installed between January 1, 1981 and December 31, 1999.

Under the terms of the settlement, Class members will be entitled to an inspection of their property by a court-appointed independent inspector, and to receive money damages as compensation for siding that qualifies as damaged within the meaning of the settlement. The settlement will be presented for court approval, and Class members will have the opportunity to exclude themselves from the Class and to comment on or object to the settlement's terms. If the Court approves the settlement, Class members can begin making claims by the end of the year.