The long running saga that is James Hardie took another turn when the High Court allowed the appeal and held that the primary judge was correct in finding that the directors and the company secretary and general counsel (Mr Shafron) breached their duties to the company in approving a misleading ASX announcement.
The facts of the case have passed into legal history. There is no doubt that the seven former non-executive directors of James Hardie Industries Ltd (JHIL) would have treated that infamous ASX announcement differently if they had their time again.
In February 2001, JHIL announced that it had established a foundation to compensate sufferers of asbestos-related diseases and that the “foundation has sufficient funds to meet all legitimate compensation claims anticipated.”
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