The signing of James Hardie Industries’ new $1.5 billion compensation settlement for asbestos victims has been delayed as a result of legal complications. The agreement was to be signed by the end of March, but now won’t be ready for signing until early June.

James Hardie has attributed the delay to “the complexity of the legal and administrative issues” surrounding the establishment of the fund.

“There is no known precedent for such an agreement and the need to anticipate a wide range of variables has affected the initial timetable for signing the principal agreement,” a company statement said.

“This should not be taken as a sign of diminution of will or effort on behalf of any of the parties involved.”

Once the group signs the agreement, an independent expert’s report and shareholder approval is still needed before payments actually begin. The new timetable indicates this will be in late August or early September.

NSW Premier Bob Carr says the altered timetable will “not in any way” reduce the amount James Hardie has to pay. He says the delay has been caused by the company “settling its preferred structure”.