tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, May 17th, 8:01PM

News

rss
Latest Headlines

Leaky building mega suit hits court

Stage one of a multi-million dollar leaky building class action suit against cladding manufacturer, the James Hardie group, kicked off in Auckland’s High Court today.

Monday, November 21st 2016, 4:00PM

by Miriam Bell

The class action involves over 1000 property owners who argue that various James Hardie companies were negligent in the design, manufacture and supply of their plaster cladding systems.

These systems included Harditex, Monotek and Titan Board products, which were used in buildings now classified as leaky homes.

The class action involves 365 buildings, all of which featured these cladding products, and includes 29 large body corporate complexes.

The plaintiffs argue that they suffered financial losses and significant health issues due to the use of the cladding in their buildings.

While proceedings look set to unfold in stages over a lengthy period of time, the Auckland High Court will be hearing interlocutory applications over the next few days.

These applications cover a range of issues – including the James Hardie parent company’s opposition to the suit being heard in New Zealand and an application for further details of the plaintiffs’ claims against the James Hardie companies.

Two of the seven defendant companies have also applied to be removed from the suit and this is opposed by the plaintiffs.

Mark O’Brien QC, on behalf of the plaintiffs, said the company had a duty of care to its customers which it breached.

It has been estimated that the class action, which is funded by a London based litigation funder, could amount to $250 million.

However, the James Hardie group has been involved in major legal action in the past and will put up a stiff defence.

This week’s hearing heralds that the suit’s proceedings are getting underway, but it is not the first time participants have been in court.

Last month the Auckland High Court ruled that 15 additional plaintiffs could join the class action. The application was opposed by the James Hardie group.

Meanwhile, a separate Wellington-based class action against the James Hardie group is also heading for court.

That claim, which is self-funded by the plaintiffs involved, is estimated to amount to $20-25 million.

« Argument rages over foreign buyer data Free Investment Property Showcase Events: Auckland, Wellington and Christchurch »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Brian Gaynor dies
    “RIP - a true icon and such a humble person who helped so many....”
    1 day ago by p simone
  • Brian Gaynor dies
    “Very sad. Condolences to him family....”
    1 day ago by sanet.drury@gmail.com
  • Brian Gaynor dies
    “Brian was someone you would always go and listen to if he was presenting at a seminar or conference, someone you would always...”
    1 day ago by MikeBeuvink
  • Brian Gaynor dies
    “A true champion of the industry. My sincere condolences to family, colleagues and friends. ...”
    1 day ago by Pragmatic
  • [GRTV] AIA rolls out direct life insurance plans
    “Thanks Lifeadviser1, and it is great to see you have been having a play in the system. You are right, in the original...”
    1 day ago by Sam.Tremethick
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 ▲4.29 ▲5.09 ▲5.35
Kainga Ora ▲5.43 ▲4.57 ▲5.58 ▲5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 ▼5.14 6.05 6.15
TSB Special 4.79 ▼4.34 5.25 5.35
Unity 5.65 ▲4.80 ▲5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 16 May 2022 9:03am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com