World’s Largest Pension Sues Toshiba Over Accounting Scandal Losses

Japan’s Government Pension Investment Fund (GPIF) this week sued Toshiba for losses incurred due to the company’s accounting scandal last year.

Toshiba shares took a major hit during the scandal, and are still down significantly from where they were before the controversy.

From Reuters:

Japan’s public pension fund said it sued Toshiba Corp (6502.T) for 964 million yen (6 million pounds) through an asset manager for losses stemming from the technology and industrial conglomerate’s $1.3 billion accounting scandal last year.

A Government Pension Investment Fund (GPIF) official confirmed a Wall Street Journal report on Thursday which said a lawsuit by Japan Trustee Services Bank against Toshiba, filed on May 6 and previously reported by other media, had been on its behalf.

A hearing is set for June 21, the official said.

[…]

Toshiba was not immediately available for comment.

An investigation last year found widespread accounting errors throughout the laptops-to-nuclear conglomerate, and blamed a corporate culture in which employees found it difficult to question their superiors.