James Hardie directors resign amid investigation

James Hardie Industries Chairwoman Meredith Hellicar and two other directors at the building materials maker quit after Australia’s securities regulator sued them, saying they misled investors over the cost of compensating people sickened by asbestos.

Hellicar, Michael Brown and Michael Gilfillan of San Francisco are among nine current and former officials of the Sydney, Australia-based business facing bans from running a public company and fines of more than $160,000 each. Criminal charges are being investigated.

Hardie’s operational headquarters are in Mission Viejo. The company employs about 400 people in Southern California.