Industry News

Real estate owners to reap sprinkler system settlement

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Real estate managers who own or owned commercial or residential buildings in which a fire sprinkler system using Poz-Lok was installed may be eligible to receive payment if their piping has leaked, according to a court-approved consumer notification program launched today. Poz-Lok piping can be identified by several of its distinctive features. It is comprised of thin-walled galvanized steel pipe, ductile iron rubber gasketed fittings and a "U"-shaped locking fitting. The reimbursement program is a result of a multimillion-dollar settlement of a class action suit previously certified by Federal District Judge Jeremy Fogel of the Northern District of California. The suit alleges that Poz-Lok piping is defective and prone to premature corrosion, which leads to leaking. The settlement provides up to $14.5 million, funded by the defendants and their insurers over the next 18 years, to reimburse them and pay the expenses associated with the class action. Class Members may submit a clai...