find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
In-House Legal Counsel (Mid to Senior)| Regulated Markets (Energy and Gas)
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Full PD on Request · Exciting High Impact Role
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Infrastructure Lawyers
Category: Construction Law | Location: All Perth WA
· We'd be particularly interested to hear from you if you were a lawyer who knows your way around the infrastructure and energy sectors.
View details
High Court to hear ASIC's James Hardie appeal

High Court to hear ASIC's James Hardie appeal

The High Court has granted leave for the corporate regulator to appeal a decision of a New South Wales court that overturned some penalties against James Hardie directors.

THE High Court has granted leave for the corporate regulator to appeal a decision of a New South Wales court that overturned some penalties against James Hardie directors. 

In April 2009, the NSW Supreme Court found that James Hardie's chief executive, board, some senior executives and the company itself had breached disclosure obligations through statements made about the adequacy of funding for the asbestos compensation fund in 2001. 

The new ASIC chairman Greg Medcraft said the case sets important legal precedents about the responsibilities of directors and company officers, which is why the regulator is taking it all the way to the highest court for a final decision.

Medcraft said ASIC acknowledges that it has an obligation to conduct proceedings fairly but is seeking clarification of the nature, content and scope of the duty of fairness stated by the Court of Appeal. 

"There is a public interest in seeking this clarification, as it has a significant effect on the conduct of civil enforcement proceedings by regulatory agencies such as ASIC."

ASIC is also seeking to uphold the finding of the trial judge that the directors of James Hardie approved the ASX announcement made by the company. In doing so, Medcraft said, the directors breached their duty to the company.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

High Court to hear ASIC's James Hardie appeal
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Law Council of Australia
Nov 21 2017
LCA calls for urgent adoption of ‘game-changing’ recommendation
The Law Council of Australia has urged for the immediate adoption of a key recommendation put forwar...
Sally Wheeler
Nov 20 2017
ANU College of Law appoints new dean
A distinguished legal academic and the former head of law of a higher education institution in Irela...
Nov 17 2017
It's time for politicians to commit to eradicating domestic violence
The national shame of domestic violence cannot be left unaddressed, writes Christine Smyth. ...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...