A homeowner left shocked by the settlement which ended the $220 million James Hardie leaky building class action lawsuit says a law change is needed to prevent litigation funders from pulling their funding mid-trial, though Phil Newland of LPF warns that regulating contract terms, or funder conduct, risks making litigation funding more expensive or harder to get. More from Stuff.co.nz.
Claims Funding Australia, which funded a class action lawsuit against building products manufacturer James Hardie, is on the hook for $2.1 million costs award after a group of 153 owners of leaky properties failed to prove their claim that James Hardie‘s Harditex fibre cement cladding boards were the cause of leaks and rot in their homes.
He was once the hunted debtor. Now New Zealand property developer Dave Henderson is pursuing the appointed liquidator of his collapsed Property Ventures group, arguing that the amounts paid to liquidator Robert Walker and the litigation funder that backed him “are appalling.’
The $220 million class action lawsuit against Australian building materials group James Hardie has ended with a mid-trial settlement that will see homeowners receive no compensation for their leaky home claims. Harbour Litigation Funding, which has been backing the case since it was initiated in 2005, will pay James Hardie NZ$1.25 million as part of the settlement.
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