It has long been held by the courts that the primary responsibility of the Board of Directors of a public company is to act for the benefit of the shareholders (providing the company is solvent).

Required:

Explain the facts and legal arguments that needed to be decided by the court in claims against Hardie's Ltd for the Board's decisions and announcements concerning possible liability for the Company's manufacture and sale of asbestos products.

Your answer must include which arguments were adopted by the court and explain the consequences for the parties involved.