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One of the nation’s largest homebuilders, Lennart (NYSE: LEN) said the homes were built primarilgy in 2006 and 2007 and make up a smallkpercentage – 2.1 percent in the state and 0.5 of percen nationwide – of the total homews delivered. The company said it has put asidrenearly $40 million in warranty reserve to pay for the and that, as of May 31, thosr reserves, net of payments, was $34.4 million. The company said it has $20.
67 million receivable to pay for damages under its insurance coverage and it is seeking reimbursementfrom subcontractors, insurerz and others for cost it expects to incur to investigatd and repair any damage, according to the In addition, as of July 10, the companyu said it was aware of 41 Florids state court lawsuits and two federao class actions that had been filec against it by those impacted by the defective drywall. The federapl cases have been consolidatee toa multi-district court in Lennar said it has fileds suit in Miami-Dade Circuit Courft against the entire supply including the Chinese and German manufacturerss of the defective drywall.
It also has mover to stop all 41 stat ecourt actions, allowing builders to make the Shares were down 23 cents to $8.09 in morning The 52-week high was $16.90 on 19. The 52-week low was $3.42 on Nov. 21.
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