Masonite siding and hardboard siding was one of the same.
I installed that crap on my duplex I built in 1973. I bought the new version called colorlok siding. It had no face nails and had dividers in the joints.
2 years later I got all my money back due to fading and deterioration of the bottom of the sheets. Had to buy paint and paint it.
It still exists on the home today, I guess it was well maintained.
That was a year ago. 
What is this Lawsuit About?
In 1994, Judy Naef and other homeowners filed a lawsuit, called Naef, et al. v. Masonite Corp., et al., No. CV944033. The Naef Plaintiffs, who own structures with exterior Masonite Hardboard Siding, brought the case as a class action against defendants Masonite Corporation and International Paper Company (together, “Masonite” or “Defendants”) on behalf of all individuals or entities owning property in the United States on which Masonite Hardboard Siding has been incorporated and installed from January 1, 1980 to January 15, 1998.
Plaintiffs sought relief based on theories of negligence, breach of express warranties, and fraud. Plaintiffs alleged that hardboard siding manufactured by Masonite Corporation on or after January 1, 1980, and installed and incorporated into homes, any structures, and commercial and/or rental properties, will rot, buckle, discolor, deteriorate, and cause damage to other structural parts of the buildings into which it is incorporated, causing the Class Members to suffer and continue to suffer damages. Defendants vigorously denied these allegations and any and all liability for these claimed allegations. Defendants further denied that Class Members were generally entitled to damages or other relief from the Defendants.
On November 15, 1995, the Circuit Court of Mobile County, Alabama, issued an order certifying this action as a class action, defining the Class as: all persons and entities owning property in the United States on which Masonite Hardboard Siding has been incorporated and installed from January 1, 1980 to January 15, 1998. A notice of class certification was published, and Class Members were provided an opportunity to exclude themselves (opt out) from the class.
In August 1996, a Phase I jury trial was held on the issue of whether Masonite Hardboard Siding is “defective” as that term is legally defined by the laws of various states. The jury came back with a verdict, finding in Plaintiffs’ favor under the laws of some states and in Defendants’ favor under the laws of others. No determination was made on the issues of Defendants’ liability or the amount of any damages. These questions were reserved for a Phase II trial.
On January 15, 1998, the Circuit Court of Mobile County, Alabama, granted final approval to a Settlement between Plaintiffs and Defendants. This Settlement is a compromise of disputed claims and is not to be taken as an indication of liability or that damages have been, or would be, found against Defendants if the action proceeded.
What is Masonite Hardboard Siding?
Masonite is a leading manufacturer of a product made from wood fiber, wax and resins that is widely known as hardboard siding. Masonite siding is distributed both in lap (board) and panel (sheet) applications, each available in various external textures designed to look like conventional lumber siding. Masonite markets its siding products for a variety of external construction uses, including exterior siding for residential and other structures.
This Settlement does not concern Masonite products used for interior, roof, wall substrate, plywood or deck sheathing, or for purposes other than exterior siding. This Settlement also does not concern Masonite OmniWood Siding (oriented-strand board, “OSB”) and Woodruf® roofing. If you would like information concerning settlements involving Masonite OmniWood Siding or Masonite Woodruf roofing, call 1-800-256-6990 to receive the appropriate notice and claim form.
http://www.claimsourceone.com/masonite-siding-lawsuit.asp