New Zealand combustible cladding class action filed in High Court
SYDNEY, 21 December 2020: Omni Bridgeway (ASX:OBL) and leading New Zealand law firm Russell McVeagh announce proceedings have commenced in the High Court of New Zealand against manufacturers of Alucobond PE core cladding products.
This follows a year-long investigation led by Omni Bridgeway to identify buildings across New Zealand which are affected by combustible cladding. In New Zealand, responsibility for remediating PE core cladding on existing buildings largely rests with property owners or bodies corporate for unit title schemes.
The class action is filed on behalf of property owners and lease holders who have suffered, or will suffer, financial loss associated with removing and replacing Alucobond PE core cladding or taking other remedial measures.
The class action seeks compensation for property owners of residential, commercial, public, mixed-use, and other non-residential buildings throughout New Zealand on which there is certain Alucobond aluminium composite panel cladding, with a core comprised wholly or substantially of polyethylene.
Gavin Beardsell, Investment Manager and Head of New Zealand at Omni Bridgeway said, “I am pleased that the Omni Bridgeway-funded New Zealand Combustible Cladding Class Action has commenced on behalf of affected building owners in the same way as we have already done in Australia, to support the claimants in pursuing compensation from the manufacturers”.
Polly Pope, Partner at Russell McVeagh said, "This is an important issue and we see real benefits to the property owners in the efficiency and access to justice offered through a funded representative action".
Omni Bridgeway is also currently funding two two separate combustible class actions in Australia. combustible class actions in Australia.