NZ schools sue James Hardie
James Hardie shares were placed in a trading halt on Wednesday until it releases the details of the legal action.
James Hardie said the ministry was taking the action against two of its New Zealand subsidiaries, as well as other parties. Acting Education Secretary Peter Hughes, said the ministry lodged a High Court claim on behalf of schools.
Repair work is under way on more than 800 buildings.
James Hardie previously lifted its charge for a New Zealand product liability by $US7.5 million ($7.2 million) to $US13.2 million.
The legacy claims relate to buildings constructed from 1998 to 2004.
Frequently Asked Questions about this Article…
The ministry has lodged a High Court claim seeking about $1.5 billion to cover repairs to leaky school buildings, naming James Hardie and other parties in the action on behalf of affected schools.
James Hardie says the ministry is taking action against two of its New Zealand subsidiaries, as well as other parties; the article does not name the specific subsidiaries.
Repair work is under way on more than 800 buildings, according to the article.
The legacy claims relate to buildings constructed between 1998 and 2004.
James Hardie shares were placed in a trading halt until the company releases the details of the legal action, according to the article.
Yes — the company previously increased its charge for a New Zealand product liability from US$7.5 million (about $7.2 million) to US$13.2 million.
Acting Education Secretary Peter Hughes said the ministry lodged the High Court claim on behalf of schools.
Investors should watch for James Hardie’s formal release of the legal-action details, any updates on repair cost estimates or additional liability charges, and further official statements from the New Zealand Ministry of Education.
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