High Court upholds decision against former James Hardie directors

Today the High Court has ruled that seven former James Hardie non-executive directors breached corporate law by making a misleading statement to the Australian Stock Exchange.

The Court upheld a landmark New South Wales court decision that the former board members breached their duties as company directors when they approved a misleading draft announcement to the stock exchange in 2001.

The statement said the company had a fully funded compensation plan to pay claims from people suffering asbestos diseases, but the foundation was underfunded by more than $1.5 billion and faced bankruptcy.

Catherine Zengerer speaks to ABC journalist and Author of “Killer Company” (HarperCollins, 2009) Matt Peacock, who has been following the story from the beginning.

[audio https://czengerer.files.wordpress.com/2012/05/matt-peacock.mp3]

Download interview

This story first appeared on Your Rights at Night

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