class action, page-32

On Lateline last night ASIC won a case against the directors of Hardies by making public comment that did not come to fruition. It was about the amount of money in the kitty for asbestos victims, when hardies went to Europe they drained all the money form this account leaving '$0' they have now been held to account for their previous statements. The case involved both directors and independent directors who may now be banned from sitting on the boards of other companies. I think this is a good precedent for any future actions against BRM directors, I would think they are now very worried as we took their advice and have been left out in the cold.