Elliott Backed Venture Sues Lloyds Over Avant Cladding, Times Reports

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.