In a landmark judgment today, the High Court found Andrew "Twiggy" Forrest did not mislead investors and breach the Corporations Act eight years ago. The mining billionaire will have breathed a sigh of relief.

The High Court's unanimous verdict overturns the Federal Court's earlier finding that Fortescue Metals Group's billionaire chairman breached the Corporations Act by misleading investors in relation to agreements signed with three Chinese companies in 2004 and 2005 to build railway, port and mine infrastructure in the Pilbara.