A confidential settlement has been reached in New Zealand's biggest defective building court claim where owners were suing for $40 million. "Good news, the High Court trial has settled," said the owner who was not a party to the action. The body corporate sued the developer of the block on the Nelson St corner, Auckland Council and Bostik. "The body corporate estimates costs will be $42 million," he said but some savings had reduced that to $40 million, he told the court. The owners are working towards a repair start date of next year, but realistically it might be later than that, Lewis told the court.

Source: New Zealand Herald November 07, 2016 17:46 UTC