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Mesothelioma & Asbestos News Page
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James Hardie to meet unions
01oct04
JAMES Hardie Industries will today sit down with union officials for the first time to begin discussions about the best way to compensate the company's asbestos victims.
ACTU Secretary Greg Combet and representatives of asbestos victims will hold talks on how the company will fund its outstanding and future liabilities to victims.
Lawyer Nancy Milne said the Medical Research and Compensation Foundation (MRCF) would wait for the outcome of talks between James Hardie and unions before it decided whether to sue the building products company.
The company has volunteered to provide funding for a statutory scheme to handle the compensation claims, but unions are opposed to such a scheme.
At the moment, victims of James Hardie asbestos products are compensated through the MRCF, a foundation James Hardie established in February 2001 to take over its asbestos liabilities.
James Hardie provided the foundation with $293 million. That money is expected to run out in just three years with a shortfall of well more than $1 billion.
An inquiry into the funding arrangements found that James Hardie's chief executive Peter Macdonald and then legal counsel Peter Shafron had misled and deceived the directors of the MRCF by allowing them to rely on unsuitable funding projections.
Legal options included pursuing damages in the United States - where James Hardie conducts most of its business.
The MRCF could seek to sue James Hardie under the US Racketeer Influenced and Corrupt Organisation (RICO) Act.
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Asbestos sides find common ground By Elisabeth Sexton October 2, 2004 Talks on future asbestos compensation are off to a good start, with the chairman of James Hardie, Meredith Hellicar, and the union chief Greg Combet saying progress has been made.
A dynasty waits for the dust to settle October 2, 2004 Former chairman John Reid was the third generation of his family to run James Hardie. He remains a major shareholder. Photo: Belinda Pratten
Unions hopeful of new deal for asbestos victims October 1, 2004 - 4:08PM Optimistism grew today of an agreement with James Hardie Industries about the best way to compensate asbestos victims.
James Hardie continues talks October 1, 2004 - 1:19PM James Hardie Industries is continuing talks with the ACTU and representatives of asbestos victims about how James Hardie will fund its outstanding and future liabilities to victims.
Asbestos death toll rises again October 1, 2004 00:03 TRAGIC deaths from killer building material asbestos continue to blight families across the country. Every day, more and more people die from a cancer brought on by exposure to asbestos many years ago and their families are left devastated by a disease that destroys these once healthy and happy people.
Asbestos death toll rises again October 1, 2004 00:03 TRAGIC deaths from killer building material asbestos continue to blight families across the country.
James Hardie to meet unions 01oct04 JAMES Hardie Industries will today sit down with union officials for the first time to begin discussions about the best way to compensate the company's asbestos victims. |
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