Toyota Calls For Toss Of Investor Suit Over Recalls

Law360, New York (January 21, 2011, 3:00 PM EST) -- Toyota Motor Corp. has asked a federal judge to toss a lawsuit accusing the company of inflating its stock price by concealing a brake defect, calling the suit an attempt to mutate product liability claims into a securities law issue.

The automaker filed a motion to dismiss the putative class action on Thursday in the U.S. District Court for the Central District of California.

“The complaint in essence asserts that when a public company releases (here, accurate) financial information or publicly states that it is proud...
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