Fortescue Metals to appeal ASIC's Federal Court ruling

Fortescue Metals said today it would appeal a ruling by the Federal Court that the company and its chief executive Andrew Forrest had misled investors.

The company and its CEO will seek leave to appeal to the High Court of Australia.

The full bench of the Federal Court found Mr Forrest engaged in misleading and deceptive conduct by claiming in 2004 and 2005 that Fortescue had signed "binding" contracts with Chinese entities to build a railway, port and mine in the Pilbara.

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