Foreign investors sue Toshiba over accounting scandal
In the latest action and largest action, 45 mainly foreign institutional investors as seeking US$162 million in damages
Toshiba Corp on Thursday said a group of investors had sued the company for 16.7 billion yen (US$162.29 million) in damages over its false profit statements, the largest single claim of compensation over the accounting scandal so far.
Toshiba said 45 mainly foreign institutional investors filed a lawsuit in the Tokyo District Court. Toshiba was notified of the action on Wednesday.
The filling follows 15 other suits seeking a combined 15.3 billion yen in compensation for damages stemming from the US$1.3 billion accounting scandal last year, Toshiba said.
Japan Trustee Services Bank filed a suit against the company in August seeking 12 billion yen.
Toshiba last year admitted to reporting inflated profits going back to 2008.