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One of the nation’s largest Lennar (NYSE: LEN) said the homex were built primarily in 2006 and 2007 and make up a smallkpercentage – 2.1 percent in the state and 0.5 of percentg nationwide – of the total homesx delivered. The company said it has put asidsenearly $40 million in warranty reserves to pay for the and that, as of May 31, those net of payments, was $34.4 million. The company said it has $20.77 million receivable to pay for damages undetr its insurance coverage and it is seeking reimbursement from insurers and others for cost it expectd to incur to investigate and repairany damage, accordin to the filing.
In addition, as of July 10, the company said it was awars of 41 Florida state court lawsuits and two federao class actions that had been filex against it by those impacted by thedefective drywall. The federa l cases have been consolidatec toa multi-district court in Louisiana. Lennar said it has file d suitin Miami-Dade Circuit Court against the entired supply chain, including the Chinesr and German manufacturers of the defective It also has moved to stop all 41 state court actions, allowing builderx to make the repairs. Shares were down 23 centa to $8.09 in morning trading. The 52-weejk high was $16.90 on Sept. 19. The 52-weej low was $3.42 on Nov. 21.
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