The Western Australian Court of Appeal says Western Areas Exploration waited too long before bringing a claim against Terry Streeter and David Cooper, ruling WAE was not entitled to $60 million in damages awarded last year.
The court handed down a unanimous decision yesterday that Mr Streeter did not breach fiduciary duty to WAE by providing seed capital in support of the float of the Western Areas NL nickel play in 1999.
Mr Streeter said the ruling confirmed his belief that the provision of seed capital was opportunistic, and the trial result was wrong.
"This case initially took more than seven years to bring to trial, and has taken more than ten years to get to this point," Mr Streeter said.
"We always believed it to be a highly opportunistic and vexatious action, and I am pleased that my position has been vindicated by today's decision.
"It has consumed a considerable amount of time and resources, but I believe it has been important to defend my reputation in this industry and I now look forward to putting the matter finally to rest."
Messrs Streeter and Cooper commenced the appeal action in September 2009, following Supreme Court Justice Eric Heenan's decision to award WAE damages in July 2009.
The Court of Appeal also ruled for WAE to pay Mr Streeter and Mr Cooper's legal costs, as well as repay $500,000 paid to WAE legal representatives, Lavan Legal, by Mr Streeter in December 2009 as part of orders that suspended the trial judgment pending the outcome of the Appeal.
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