Toshiba Investors Denied Class Cert. In Accounting Fraud Suit

By Katryna Perera (January 7, 2022, 9:01 PM EST) -- A proposed class of Toshiba investors suing the company over an alleged $2.6 billion accounting fraud was denied certification Friday by a California federal judge who said the pension fund plaintiffs bringing the suit failed to satisfy the so-called typicality requirement for class certification because their shares weren't purchased on a U.S. exchange.

The plaintiffs, Automotive Industries Pension Trust Fund and New England Teamsters & Trucking Industry Pension Fund, had sought to certify a class of American investors who purchased various Toshiba Corp. securities between May 8, 2012, and Nov. 12, 2015, through either U.S. stock exchanges or the "over-the-counter" market,...

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