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Ah that's cool. Glad that doesn't mean the lights are wrecked then. Thanks for the advice :)
Erm, well I don't really know how to use the multimeter but it's similar to this and the settings it has to read Volts AC are 600 and (edit)200.
My understanding is that you set the multimeter to the next rating up from the output you expect. So in this case I had to set it to 400 and as the hub was stopping, 2.5 flashed up on the readout.
It feels like the hub might be dead if there's nothing when it's rotating at speed...
You shouldn't get continuity at the lights connectors as that would imply an open circuit, whereas the the light need some kind of resistance in order to provide a load.
What do you mean by 2.5 output? V? You need to see whether your multimeter is giving you an RMS value which should help things. Seems odd that it would not give a reading at high speed.