THE corporate regulator has lost its Federal Court case against iron ore miner Fortescue Metals and its founder, Andrew Forrest, and has been ordered to pay all costs.
In handing down his decision in Perth, Justice John Gilmour did not immediately elaborate on his decision, saying the reasons will be published later today.
A delighted spokesman for Fortescue said outside the court that "justice had been done''.
He said Mr Forrest, who was not in court for the judgment, would be issuing a statement later today.
Fortescue staff and lawyers embraced in court upon the delivery of the judgment.
It followed a five-week trial this year in which the Australian Securities and Investments Commission (ASIC) alleged that Fortescue and Mr Forrest were guilty of misleading and deceptive conduct.
They were accused of overstating the nature of so-called binding agreements with Chinese parties in late 2004.
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