I'm guessing this is about all the bad drywall in Florida, etc. Lowes is basically saying we sold it, we're not admitting it was bad drywall (actually explicitly saying they think it was fine) but they've agreed to settle.
FYI: Class = large group of people all acting together as a single plaintiff
The rest of it says
1) if you bought bad drywall you're part of the Class (and bound by the settlement{accept payment in exchange for promising never to sue}) unles you specifically exclude yourself from the class.
2) if you are part of the class you have until 5/18/ll to file a claim, otherwise you're out of luck.
3) The settlement hasn't been accepted by a Judge yet, this will happen at a hearing on 11/19. If approved it will be binding for all members of the class (those who didn't specifically exclude themselves).
4) If you are a part of the class but want to object to the terms of the settlement you may do so by 11/9. Probably to give the judge time to go through them before the hearing on the 19th...
5) for the details, go to the website listed...
I think that's the gist of it. I'm obviously not an attorney so judge the above accordingly. Short story is: If you've bought drywall from Lowes and it was funky you might want to check out the website to see what's up.
Travis