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December 24th, 2004
Australian manufacturing giant, James Hardie, has hit the headlines time and time again over recent months due to its inability to pay compensation to those affected by its products. James Hardie manufactured and shipped a range of products containing asbestos, resulting in many illnesses including cases of asbestos-related cancer, mesothelioma.
It has now been revealed that the United States has got involved with the case, and is also putting pressure on the company. This is because James Hardie is listed on the New York Stock Exchange, which gives the US Securities and Exchange Commission the right to get involved. The SEC has been in talks with the Australian Securities and Investments Commission, which has already been dealing with the case for some time.
There are many affected people and families that have lodged claims and filed lawsuits against James Hardie, but the company revealed some time ago that there are insufficient funds to make the compensation payments to these injured claimants. James Hardie has claimed that there is not enough cash to pay the claimants, but has also stated in the past that there was a scheme underway to try and raise this cash. However, claimants are still waiting for their compensation.
This is yet another setback for James Hardie, as the pressure mounts for the company to find a way to pay the injured claimants. Recent weeks have seen angry protectors set up pickets outside company headquarters in a bid to force the company into taking action.
