A majority of the 550 Dublin homeowners suing over damages to their houses have accepted the creation of a €25.5 million trust fund to carry out repairs to the affected properties.
The Commercial Court was told today that 498 householders, or more than 90 per cent, had agreed to the formation of the fund, 33 were against it and 19 did not indicate a preference.
The formation of the trust fund was dependent on the agreement of 85 per cent of householders.
Brian O’Moore SC, for Menolly Homes, said the result “represented a powerful level of acceptance of the scheme”.
The case has been scheduled for mention on February 15th, after which point the trust can be established and the court can dispose final orders in the case.
Mr Justice Gilligan said he proposed to accede to the request for the acceptance of the trust fund.
The case, which is one of the longest-running cases to come before the Commercial Court, arose out of a dispute between housing firm Menolly Homes, now a client of Nama, and Irish Asphalt, part of the Lagan group.
Menolly blamed structural defects in houses in four Dublin estates on the presence of the mineral pyrite – which swells when it comes into contact with water – in the houses’ foundations.
However, Irish Asphalt, which supplied the infill, denies this, blaming faulty construction for the defects.
A settlement was reached by the two companies through mediation in November without admission of liability.
Under the settlement, homeowners will get up to €3,000 for new floor coverings, €3,000 for legal costs, €2,000 for alternative accommodation while work is being carried out and €2,000 compensation for inconvenience caused.
