The decades-long leaky home saga involving cladding manufacturer James Hardie has been settled mid-trial.
More than 1000 people were collectively seeking more than $200 million in a court battle against the James Hardie group of companies, in a mammoth trial that began before the High Court at Auckland in May 2021.
As part of the settlement, James Hardie will receive a payment of $1.25m.
In a statement to the ASX, country manager John Arneil said: "While we are happy with this outcome, and believe the settlement supports our continued belief that the allegations lacked merit and we behaved as a responsible manufacturer, we remain very sympathetic to homeowners negatively impacted by weather tightness issues."
The settlement was not confidential and the key terms included Harbour Litigation Funding paying James Hardie $1.25m, no admission of liability by any party, along with full and final settlement of all claims arising directly or indirectly out of the class action.
There are two other outstanding weather tightness claims against the firm.