In a decision that won’t surprise many, the NSW Supreme Court has today ruled that ten former directors and executives of James Hardie broke the law by issuing misleading public statements concerning their future liabilities regarding asbestos claims.

The Australian Securities and Investments Commission (ASIC) brought an action against the Hardie board members and senior executives on the grounds that their actions in issuing misleading statements regarding their underfunded compensation scheme constitutes a breach of the Corporations Act.

Click here to listen to 702 ABC PM’s evening report on this judgment.

This entry was posted on Thursday, April 23rd, 2009 at 7:06 pm.