98 unit/12 building condominium. Built in 1980 with siding that has become the subject of a class action lawsuit. The deadline for filing a claim under the class action has expired.
The property management company has been in place since prior to the settlement. The president of the BoD has been in place since prior to the settlement and is a licensed Realtor.
There are other issues, but this is the most tangible, as the cost to replace the siding is in excess of 450k.
What, if any, recourse might the new board have? Does the fact that the president of the board was an active Realtor, hold her to a higher standard of awareness about this issue?
The same property management company has been dealing with these siding claims at a nearby HOA, so they had knowledge of the class action suit. Did the management company have the responsiblity to make the condo association aware of the class action? And, if so, would this fall under the "gross negligence" threshold provided in their contract?
I know that these are legal issues that must be addressed by an attorney, but at this point, the new association doesn't even know what questions to ask when they speak with an attorney. Your input is appreciated.