March 18th, 2005
Building products manufacturer, James Hardie, has stated that it wants to see more details following a review carried out with regards to settlements and compensation payouts. The company wants to see this before any claims are settled. The Australian building products manufacturer has rarely been out of the news for the past year, having been locked in a bitter battle with claimants and the government over compensation payouts for asbestos related injuries caused by its products.
Although a settlement agreement was negotiated several months ago with the government, which entailed the company providing funding for settlements over the next four decades, Hardie has now stated that more work is required in relation to how much responsibility Hardie itself faces for each of the claims. This is in the event that more than one company could be responsible for the asbestos exposure, and Hardie wants more details on how liability will be apportioned. Further details, Hardie states, are needed with regards to the legalities of the proposal and how claims will be settled.
A company statement that was issued said: "Finalization of the principal agreement, contemplated by the Heads of Agreement, which is currently being progressed between James Hardie and the NSW Government, is contingent on the final outcome of the review including those areas requiring further development." The company’s Chief Financial Officer also added: "The Government's proposal is a positive step towards a more efficient alternative to costly litigation as a means of resolving the majority of claims without diminishing claimants rights."
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