Foreign investors sue Toshiba over accounting scandal

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

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