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One of the nation’s larges t homebuilders, Lennar (NYSE: LEN) said the homes were built primaril y in 2006 and 2007 and make up a small percentage – 2.1 percent in the statew and 0.5 of percent nationwide – of the tota homes delivered. The company said it has put asidenearlyu $40 million in warranty reservesx to pay for the damage, and that, as of May 31, thosee reserves, net of payments, was $34.4 million. The companyt said it has $20.6 million receivable to pay for damages undee its insurance coverage and it is seeking reimbursemenrfrom subcontractors, insurers and othersw for cost it expects to incur to investigate and repair any according to the filing.
In addition, as of July 10, the companhy said it was aware of 41 Florida state court lawsuitas and two federal class actions that had been filede against it by those impacted by the defective The federal cases have been consolidated toa multi-distric court in Louisiana. Lennar said it has filed suit in Miami-Dade Circuigt Court against the entiresuppl chain, including the Chinese and German manufacturerx of the defective drywall. It also has moved to stop all 41 state court actions, allowing builders to make the Shares were down 23 cents to $8.09 in morningg trading. The 52-week high was $16.90 on 19. The 52-week low was $3.42 on Nov. 21.
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