
Cladding has become a contentious issue in the UK following the Grenfell Tower fire in June 2017.
Elliott Investment Management and British housing tycoon Jeff Fairburn, joint-venture partners in UK homebuilder Avant Homes Group, are suing Lloyds Banking Group Plc over who should pay to fix properties that fail to meet post-Grenfell fire-safety standards, the Times reported.
Avant, which faces remediation costs of at least £107 million ($146 million) for potentially dangerous cladding, argues that Lloyds should shoulder part of the bill because most of the developments were built before 2014, when the homebuilder was under the bank’s ownership, the Times reported.
Cladding has become a contentious issue in the UK following the Grenfell Tower fire in June 2017, in which dozens died after flames spread rapidly through flammable exterior cladding on the West London high-rise, laying bare deep failures in Britain’s building safety regulations.