Foreign investors sue Toshiba over accounting scandal

Toshiba last year admitted to reporting inflated profits going back to 2008.

By: Reuters | Tokyo | Published:October 13, 2016 7:29 am
toshiba, toshiba company, toshiba lawsuit, investors sue toshiba, toshiba scandal, toshiba sued, toshiba company sued, business news, indian express news Toshiba said 45 mainly foreign institutional investors filed a lawsuit in the Tokyo District Court. (Source: Reuters/File Photo)

Toshiba Corp on Thursday said a group of investors had sued the company for 16.7 billion yen ($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 $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.